I started my STR last year in Sevierville and thought it would just be passive income as we had hired a pm. 

It's crucial to align this decision with the nature of your income sources and their respective tax treatments.

However, land pricing is based on many other factors such as zoning, location, the city its located in can make a big difference if there are certain factors that give developers incentives to build there such as transit, low income, walking distance to rail and other things.

I have no pay stubs/proof of income but I do have a very good credit score and 50-75k for a down payment.

If you have rental income, do you already have your 2023 taxes filed? 

I would pay the same income tax and add fica on the sched C.

It’s a bit of a process with several steps, but it's totally doable and well worth it for the added income!

The DSCR loan is underwritten solely based on the income of the property .

Depending how much you earn you can step up those savings by getting a side-hustle in any part of real estate....working for a top Real Estate office on weeknights and weekends, working for an RE Investor, working for a General Contractor and learning a few skills, etc.

It's crucial to estimate the total cost of these renovations and weigh them against the potential increase in property value or rental income.