Note I 100% know that CPM is not LTR PM with a few tweaks- I have lived and practiced this for over two decades. 

Charlottesville permitting is usually a nightmare and I can tell you that if you are trying to do something like that fully up to code then the city's standard is going to be more or less the same as a normal house/structure.

From talking to locals, there's a couple of issues than need to be addressed, some are the non-ecological practices that some of those developers have, unfortunately, our government profits from this investors and allows them to destroy manglers (which are the natural water purifying system of that area) dismantling hectares of mangroves and degraded the habitat of resident and migratory species burying animals alive.There's proof of fecal material floating beneath the city of Tulum, only 20% of the water is sent to the water treatment plant, there's no infrastructure for the exponential growth.The landfills in the middle of the jungle that is leaking hazardous pollutants into the freshwater system and that something that developers won't tell you.I love my country and it would be a disaster for everybody if this place ends up like some other great beaches around the world, that are completely ruined by greedy investors not following the rules.There's no urban or comprehensive master plan, and one of the risks is that Tulum will be like Playa del Carmen is today, overgrown and with environmental devastation.I will advise doing a lot of research before getting something in Tulum, different country, different rules, and practices.

It was a standard loan.

Now you are both making money and he gets practice managing the work load. another thing to consider- why force the situation?

I'm also a former math teacher, so trust me, setting up an S-Corp for operations is NOTHING compared trying to get 30 twelve year olds at an urban school to learn math according to state standards.

All the same rules of a standard DSCR cash-out refinance would still apply.

If you buy primary you only exclude $750k loan interest if you itemize deductions instead of taking standard.

The requirement is that the house meet habitability standards, and building code standards say a house must be pest free to be habitable.

This area of banking could do with some standards.