Detailed annual expenses include:  vacancy rates, specific tax rate, 10% for property management, liability insurance, sewer, electric and gas, snow and lawn care.   

I am assuming this is a rental property.A few items to consider.Commercial funding requires ownership in an LLC or other entity.  

Clearly you need to listen to more of the latest Bigger Pockets podcast, Brendon and David answer your question in details. 

Detailed annual expenses include: vacancy rates, specific tax rate, 10% for property management, liability insurance, sewer, electric and gas, snow and lawn care.

@Orlando Davis I might be interested or have an investor who is, will you send me the details?

Definitely get specialist opinions for the big ticket and specialty items like mold, septic, and the well. 

I don't know the details of a Land Contract.Your W2 comment makes me wonder, can I write off both the interest as well as the loss (diff in mortgage and rent?)

Think of cost of retucking or replacing old brick, cracks in foundation etc I would budget another 8% for these items so that when they come up you are ready for them.$3000/mo rent-752 fixed cost-240/mo property management -120/mo 4% vacancy factor-240/mo CapEx costsLeaves $1648/mo $19,776 annually/ $275,000= 7.1% cap rate which isn’t bad as I didn’t account for the efficiency apt at all.

The lender may have overlays for either of those items. 

While I was doing my due diligence on this process, I found some difficulty getting details on what to expect so wanted to share my experience as a data point in hopes of helping others who may be going through this process.