•If you can, raise rents or find ways to increase the property’s income before applying again.Have you already tried talking to multiple banks, or is this feedback from just one?

Small Multi families are a great way to increase cash flow

If the violations took place prior to purchase, I would at least give them written notice that you are aware of the previous violations and that just one under your watch would result in an eviction.in the meantime, I would shop for new insurance and pass the increase on to the tenant.

First, increase staff size.

But during the summertime I can increase rents between tenants 

I agree with @Jonathan Greene that the question is vague, so my advice will have to be as well.The short answer: MTRs are real estate, so just like all real estate, any place that can long-term-rent cash flow with increasing jobs/population can be a suitable site to purchase. 

Richmond certainly would have some potential in pulling trades from, but coming from Lexington, you might face an added trip charge on top of the service provided.Over the past few years, rents have increased nationwide.

Quote from @Brandon Croucier: 20% down is terrific on land.It’s a non income producing asset which has increased volatility, typically I see 65 LTV max on land as of late.Thank you Brandon!

For my short term rentals I am really going to focus on adding improvements that will increase my daily rate and guest experience.

Reality: still here, only a temporary increase in the exemption.- Plan: eliminate NIIT - Net Investment Income Tax.