And of course all the events and attractions that draw people to Myrtle Beach are just 20 minutes away.In addition to Murrells Inlet, I would consider the adjacent Surfside Beach... which sits right between Garden City Beach and Myrtle Beach. 

@Mukesh YadavDepends on what your adjusted gross income is

Major work will be done by licensed GCs where we will be "additional insured". 

Since we would be using the money in the same manner could we use a 1031 exchange to defer the gain income tax ?

It's important to note that Detroit may have higher vacancy rates and lower demand, which could impact rental income and property values.

If it is to play it safe and have a feel for the type of actual operating income that the property can produce before you put debt on it, that's a safe and solid idea.The good news, however, is that you're likely going to be purchasing a furnished property.

Additionally, there will be a 20% annual increase in taxes every year until 2029, at which point they are expected to stabilize at their maximum rate.What would the "full potential" tax amount be in 2029?

I provided a small rent incentive ($150) toward the purchase of their lawn mower and then later an additional ($100) toward the purchase of a week wacker.

DSCR Loans are going to be standalone 1st liens too (in addition to can't be used on a primary) - you should look into a HELOC or closed end second potentially

-Additionally, a lawyer would draft the lease and option contract.Questions:-Will most lenders accept the option fee and rental credit at closing as a seller concession, going towards the buyers down payment?