Debt if used responsibly is a valuable tool but to say debt will always multiply returns is the wrong message to spread in these forums where there's a ton of readers who are inexperienced investors and will fall for the trap of following your flawed approach to originating debt.If you need additional help understanding how debt works in real estate, please send me a DM and I would be happy to help you out.

Now that I’m ready to get back into home ownership, I’ve decided to take this opportunity to acquire my first rental.  

Two (2) parcels in a manufactured home area, acquired through tax deeds and sold on open market with owner financing.A 2/2 condo acquired from the Forclosure action on the courthouse steps.A senior community 1/1 condo from a wholesaler.A senior community 3/2 SFR also form a wholesaler.All have proven to be profitable.

But in addition to my comment above: yes if the focus is more on a "buy and hold approach" where you are looking for cash flow and assuming you have gotten some super amazing loan product where you can actually obtain some each month...

This way before you even acquire your property you already will have a general idea of who you will need to make relationships and how you will need to position yourself to see success. 

If you don't get any additional feedback, you should be able to call the City of Phoenix Planning Dept and assess the overall process, timeline, fees, and feasibility fairly easily.

Penalties:Misdemeanor of the first degree: This can result in a maximum imprisonment of one year and a fine of up to $1,000.Civil penalties: You may also face additional civil penalties depending on the specific circumstances.Permitting issues: Local permitting authorities might withhold final approval, revoke the permit, or pursue other actions against you, maybe not give you the CO. 

Exactly and all of that plays into the price you're willing to sell the additional frontage for to allow for the new lane.

In addition to considering what lenders opinions might be (currently Fannie and Freddie don't want to see any more than 10% of units being STRs but not sure about LTSs).

We’re interested in purchasing the property and want to acquire the redemption rights by purchase/assignment of the junior deed of trust.