I have 2 rental properties.The First is in Crestview FL with a long-term military tenant.Cashflows ~ $800 monthly.Mortgage is $180k.

Background information is that my wife and I have a high w2 income and also started an llc to mange a short term rental that we own.

My understanding in Maryland the seller provides the buyer with a copy of the COA papers at least 21 days prior to settlement and you have up to 7 days to review and pull out of the contract if you don't agree to the terms.  

The next day I get a text, that a “family member” just happened to stop by and noticed “new temporary” visitors in the bottom apartment and there are new laws in the city starting June 1st for short term rentals.

Also  beware that  paying a large loan fee  may affect the lenders  ability to do the loan.I got cashGeoffrey -  awesome ...having  cash makes  negotiating way easier ...fyi -  in the  future - if you need to get a loan in the  name of your LLC as compared to a loan in your own names - the terms on the financing will be higher . 

But you can also re-sign them to your lease too-I try to resign the tenant to my lease on my terms.

@Patrick Boutin - We like to separate FARM's from leads as follows:FARM (Focused Area Real estate Marketing) - this is a term that has been around for ever in the real estate agent circles.

Most require skin in the game on deals and work like this:Rates: 10% to 14% (Most Deals are 12%)Terms: 1 Day - 24 Months (Most Deals are 6 months)Fees: 2-5 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 Max Loan: 65-70% of After Repair Value(ARV) 100% Rehab Financing Available (Most Deals require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 10 business days)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

Otherwise a typical DSCR loan based on market long term rents should be sufficient to qualify? 

Short term/vacation rentals interest me, but I'm open to learning as much as I can about anything at this stage.