I would only go to a local bank if your loan size is going to be less than $75,000.

We often say you want to retain the surface rights to run with the land. 

Welcome to Bigger Pockets.

Some might ask, "who is going to enforce this?"

Rob just updated everything...here is the site he tells everyone to visit for STR cost seg.STR Cost Seg

It is solid to look at deals that are off-market and know that the ability to buy it at a price and either hold it or sell it will be coming with less competition on the purchase and more upside.  

Stay patient, adjust expectations, and seek help as the process progresses, as one great deal can make up for multiple failed attempts.Good Luck!

My recommendation is to learn your market thoroughly and then choose a solid deal that isn’t more expensive than you can handle.

Get to know other people, build relationships,and learn.

As of this morning, WSJ Prime is 7.75%, so I would expect the rate to be over 8% at the very least.