I want long term gains and goals, with the only short term goal, being to pay for my personal mortgage, after all expenses of the rentals are taken care of. 

Hi Daniel,Flipping in rural environments with limited comps is a risky move, so personally I wouldn't do it as the risk is too high.

If it's a personal deal, the E&O at closing is $350. 

I've met Allen in person and he's a very solid person to talk about mid-term rentals with. 

The person/family that might buy 2 3 homes in a lifetime. 

You are lucky if you get 4% net cap in FL, VS 10% ( ALL my personals are 20% ish net ) net caps. 

This is still a very tricky area for lenders as there are not many "industry-standard" tried and true rules - many DSCR Lenders and buyers of these loans are still wary of the SRO model - that being said, it is a lot easier and more flexible to underwrite on an acquisition if you are buying and the property could be utilized as a LTR / MTR or STR as that allows for a more tailored projection (as long as the property doesn't have unique or altered characteristics that would require it to be a SRO / MTR)

Personally I think I would look at one of the Universities that have a design program.

They have better rates and we are ok buying in our personal name for a single family.

But it is the tax return that will show the conversion of your property from personal use (schedule A probably) and into an investment property - (schedule E or schedule C of your tax return).