From what I've read, people are only using hard money lenders for the full sale price of units. 

Since you're in Orlando, have you considered renting the rooms via airbnb (short term) instead of regular leases?

Properties are generally much cheaper relative to the rent they pull in, than in NY.3) Lower fixed costs - lower real estate taxes for starters relative to your rent roll, etc.4) Lower variable costs - labor is A LOT cheaper here.  5) Less stringent code enforcement.6) Less maintenance - milder weather, and younger average age of homes make for less maintenance.   7) Diversification - low entry price to buy property allows and investor to manage risk by buying properties in different neighborhoods instead of putting more eggs in one basket.In additional to the benefits I listed above the city is growing so fast that homes rent very quickly, often times before the sale of the home.  

The fellow (John- their sales rep) told me today (Sep 29) that the cost is about to go up, because they have added lots of categories to what they have previously had. 

However, there are so many "exceptions" built into the mandate, that local towns regularly exceed the cap. 

 Thanks Josh for your input I do make enough money but I just went through a short sale so this is a way I'm trying to purchase one and then I was going to refinance like  William suggested

I eat it on sales above $200k or so, and on lower priced deals I tell them it's part of my services, period.

My wife and I own a rental (lived in for several years, but not recently). We'd like to sell it and use the proceeds to buy a new primary residence and then either convert our existing primary residence to a rental or...

A little bit about myself...I was born and raised in Westchester, NY (about 45 minutes north of Manhattan) and currently have a career in Interior Design & Textile Sales, with an extensive background in residential design & construction.

There is a house that has been vacant for a couple of years that is in moderate condition and it has never been listed for sale.