Purchased awhile back, and loan fully paid off in 2028.

Hey Chelsae, totally can relate with you being from an expensive real estate market - I moved to Columbus a few years ago (from Portland, Oregon which was super expensive) to become a full time real estate investor, and ever since, I've completed quite a lot of BRRRRs, flips, and own a successful rental portfolio here in Columbus Ohio.

Lenders only care that they get paid back.

The problem is not only that existing tenants suffer, but that local government will be pressured to pass legislation that will be extreme and engulf well run parks into spending unnecessary expense and complying with rules designed to provide residents with services they don’t want.  

All paid off.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23DSCR lenders generally let you vest either individually or as an LLC.

Side note, you can also use the interest-only option to squeeze as much cash flow as possible with higher rates and expenses in this environment. 

It would cost around $3,500 to safely get my head above water with the licensing expenses, and I currently do not have that much, as I have most of my money currently in either a retirement fund or going toward college.

For most of us - the GC that will 100% meet all the requirements including Work Comp certificates covering every person on the job site throughout the entire scope of the project is often too expensive to make a project work. 

If I do not exercise the option to buy the property after 5 years the landlord will keep the option fee and all rent that has been paid.