They'll make you rip open the walls to inspect and then reclose them up on your dime.I'd say follow the municipal and lender guidelines as closely as possible for rehabbing, you'll feel better knowing your bases are covered.

I would think it'd be pretty simple to calculate his actual rent income based on the properties current conditions and explain that at best, the tenants in place stay for years to come, he continues doing the bare minimum, and his highest predicted income is x dollars, barring any emergency spending to keep the tenants happy.

@Sherry PattersonHey Sherry,I am an investor agent based out of San Antonio. 

I am based in Tampa but I cover from Orlando to Spring Hill, and all the way down to Sarasota.

The variance will be granted based off the site plan submitted at the time and the variance application.

I recommend looking into areas near economic bases - close to Nationwide Children’s Hospital, Ohio State Campus, New Albany, etc.

Every STR I have purchased has been a home run and this would have only been a base hit, but that is where the market was.  

@Bob Stevensgood points, I was just saying that for this poster - who is based in NY - these properties look 'low priced' because they need big rehabs. 

Custom black oak cabinets.

The number usually varies from 10-20% depending on credit score, property analysis, etc.Some lenders will work with any level of investor experience, credit scores as low as 660 and can close in as little as 10 days (there are loan options for 640-660 credit scores- they require 20% down).Another good thing is interest only and 6-24 month loan terms- you can refinance by selling or refinancing to a long term DSCR rental property loan at any time once you complete the rehab.Once the property is ready you can sell it or if you want to keep the property as a long term investment, you can underwrite the loan based on your income /debt to income (DTI) ratios or you can go the DSCR route where the loan is underwritten based on the actual or market rents from the appraisal.DSCR loans won't use your income to underwrite the loan.DSCR loans are based off of down payment, credit score and either actual or market rents so it helps to supercharge an investor's real estate goals and net worth.Here's a bit more in detail about how rates are calculated for DSCR loans:1.