Lender regulations certainly come into play, but even for non-levered syndicates it is desirable to have a max in your mini-max to reduce concentration risk. 

Now, this does bring PMI (MIP for FHA) into play.

That’s a good tip about playing with the filters like that.

Some of gap lenders are usually willing to play ball if your numbers are right.

My going in strategy was to BRRRR the property for the equity play and subsequent cash flow.

All costs for each unit are identical as well (taxes/Hoa/insurance) so the playing field is very even minus a few factors

Sometimes you need to pay to play...

The Land O'Lakes area is absolutely BOOMING right now hence why I started looking into Brooksville for a long term play.

Market seems to be in certain pockets going well.Weather plays a part, no snow syndrome means it can be business as usual with a nice sweet spot coming in February.What are you finding???

May be a good play if the town regulations allow.