Perhaps someone with more knowledge on the neighborhood rental rates can chime in.

Doing it this way will allow me to qualify for one of my other rental properties and assume the mortgage at the existing 3% (DTI issue) 

our first exit strategy was to sell own a wrap around mortgage creating a second note and financing our desired equity position but to find the end buyer was a challenge so we decided to rent it out after 3 months of vacancy Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

The rate quoted was 8.875% so I really want to stay close to that as well.

As mentioned, your taxes will be higher than the number they gave you as homesteads are taxed at a lower rate and you’re not living there.

In theory I can assume I both mortgages without refinancing which would be ideal.

Look on Airbnb and see what the competitors calendars, nightly rate, and amenities look like, and it should give you a pretty good idea what the numbers would look like for that home. 

Some rough numbers, a $119K mortgage is about $800/month.

With multiple units, you can collect rent from several tenants and this can significantly offset your mortgage and expenses.

The property is a great deal so I'm hoping to refi down the road in the event interest rates come down to a reasonable value, then maybe repay most of the personal loan at that time.