It will take me 2.5 years to recoup the cost without taking into account tax benefits.

No W-2s, pay stubs, or tax returns are required. 90% of underwriting is based on the property not the borrower.   

I don't claim to have a crystal ball to give a time frame, but I think in the next 7 years we should experience a better market (at least to some degree), giving you a chance to refinance into lower rates if you wish.No point in locking in a 30-year fixed when the rates aren't incredible to begin with.

We are doing everything we can to hold off until then but with the increase in taxes, insurance, and debt; it's really getting difficult to be able to wait it out.

I've talked to one lawyer who looked over the title and taxes documents and said it's clear, but I don't fully understand what that means.

Some things to consider are: if minor maintenance is included, if they file the occupancy tax on the owners behalf, if they hire the cleaning service and if they "eat" the credit card fees or pass them onto the owner.

I will pay the monthly on the note and the taxes.

Cost of labor has gone through the roof, as with materials, property tax, insurance, and even utility cost.

Presumably someone does your tax returns, ask them.

Most properties in my area have property taxes between 3K-4K.