how long to make that back? 

My mortgage was sold to another institution last year and it seems like they handle escrow differently.

With conventional long-term rentals, if you're an established landlord, lenders will count the income from a new rental property right away, allowing you to use it to qualify to purchase another.

Read "Long-Distance Real Estate Investing" by David Greene to better understand how to find a market and do things from a distance.

I have been wrestling with this the last few weeks now. 

With rising interest rates and the widening wealth gap, first-time homebuyers are by locked out of the housing market, it seems long-term rental demand is solid but of course it would be important to get quality tenants in the better parts of town.

There is No rents to see if it will support itself after the refinance, so its tough to speculate on ROI/cash flow on a long term investment.

Long story short, they recommend a process that basically looks like...Soil scientist --> (septic engineer IF needed) --> site plan --> county approval...We've spoken to a few soil scientists and they all quote 2k-5k to analyze the property for an appropriately sized septic system. 

Hello @Michael Ablan,I just PCSd to Drum last week.

I have done about 250 in the last 6 months, BTW its a total scam / money maker for the city.