Either offering a unit or two as short-term rentals available with a space of horses to stay as well; a horse motel is the idea. 

HCL=high cost of living areaLCL=Low cost of living area 

He offered a price, it worked for me and him both, so I took it.

DSCR loans offer alternatives for DTI/income and employment, but generally still have strict personal credit requirements. 

Tenants that habitually pay late are highly likely to become more problematic down the road.

That means don't bite off more than I can chew, it also means get a good grip on the risk of owning it and avoid things with high risk- don't have losses.

The first is the interest rate, my guess from the information you gave is that the loan is about 6% which isn't all that bad, but high enough to consider paying it off versus investing in some S&P 500 etf (depending on your marginal tax rate). 

I've dabbled in the new construction space here in Chicago and there is A LOT that goes into it...I'd highly suggest spending some 1:1 time networking with some other investors like @Jennie Berger or @Prashanth Mahakali who are both Chicago developersYou make your money with the land purchase and then systems/processes/volume over time in the development game, but it's not easy and competition is high!

Conventional wisdom would have said with rates so high (comparatively speaking to where they were) demand and prices would have lessened in more places and more quickly but in many places prices have held steady even as inventory creeps up.

The % that your other unit covers is a metric that fluctuates rather highly.