Quote from @Polat Caglayan: How much do I need to invest for a house and a thousand dollar income?

Why not just save for the downpayment and work on increasing income to qualify for a traditional loan?

Our instincts are to eventually rent it and use the income for payment assistance on a new home mortgage.

I have two LTRs and want to get a STR to offset my W2 income.

Do the in-laws have any income currently?

Thanks any input If the seller is pushing financing, they likely want steady income without a big tax hit.

We need to close on the second piece of land for the parking which is maybe $60k by June so I figured to set it up and raise the first 500k-1 million for the development. the SPV could also just be a development SPV with a refinance as an exit. but I think planning on long term ownership is best with passive income. the structure you talk about with hotels is post entitlement it's hard to negotiate up front. so this is a unique opportunity where we own the land and it's meant to be a good start. 

The rental property/cash flow calculator is free but the CapEx one isn't.The free rental property calculator also helps you identify the ideal purchase price range for any potential rental property using what the median income is for any zip code - that is pulled using city-data's website.Hope this helps!

What ways could you lower the expenses or more income from the property.

Lastly these tools can integrate directly into your bookkeeping so you can automate the income portion of your bookkeeping which will help with your analytics/reporting and save you tons of time during tax season.