That's true of every market now, I suppose, with interest rates and supply problems, until either prices go down or rents go up.

My questions are around taxation - i have read that if the rental is not associated with a us trade or business, then the gross income from the rental is taxed at 30%, however if associated with a us trade or business, then graduated rates apply, as well as the net is taxed and not the gross.

With high interest rates, we'd be looking at around $3800 PITI.

Right now the mortgage rates I'm being quoted for a 20% down DSCR is 7.75%. 

. $40 application fee - runs credit and background checks on tenants.

Our initial idea was to build-to-rent two 1,300 sqft homes on the additional tracts of land, but after speaking with lenders, the current interest rates made this unfeasible.

Some renovations loans out there but the rates and prepays can be painful.  

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Flippers pay the highest taxes possible as they are paying regular income tax,not even capital gains tax rate, much less zero tax.