Being that it's a tourist city, Brand Ambassadors frequent the city and theirs always flight crew passing through, I know it will be very busy.

Its a young husband and wife couple that is just starting off their journey living with each other and saving for a home.

You might even have to take this through the planning commission which adds a couple extra tens of thousands and about 2 years.

I guess my main concern is the rising interest rates we'll be seeing soon if things keep going the way they are, so I'm wondering about locking down a couple more cashflowing properties.I know it depends on individual goals, but I guess I'm wondering what you guys would do if in the same position.

laminate is less expensive and is more durable  some  of the go to brands are allure http://www.homedepot.com/p/TrafficMASTER-Allure-6-...but I have used laminate from as low as $1.25 sq ft  

If you use the projected rental income to qualify,  there are a couple of requirements.  

@Jeff Walden it seems to me you are thinking in the wrong direction.There are a couple of angles to this.

So, yes, technically your wife can count towards the occupation requirement, but it's geared more for military members PCS'ing or setting up a household in a new location before the veteran can occupy the home, or a member on tour in one of those unaccompanied "hardship" locations where families aren't welcome, or on deployment, not for a couple who live in the same major metropolitan area.  

I try to work with a handyman every time there is an issue on my rental but thankfully, there are no big issues with it so far...I also have plans of buying a SFH in this area and making my current town home a rental in a couple of years.

POS sort of caught me off guard when I started looking in the Cleveland area a couple weeks ago.