It allows you to convert trapped equity into usable capital at a fixed rate and fixed term.

Another bit of analysis.And if a rental property is converted (back) to a personal residence, there may be further tax consequences. 

Here are the specifics: Primary Residence (OC): Purchased for $850,000Current mortgage: ~$6,400/moEstimated rent for full house: $3,600–$3,900/moI also have one roommate (a friend) renting a room, helping offset some of the payment ~$1,100/moWe planned to convert the garage into an ADU, but we don’t currently have the funds and the project feels overwhelming with everything else going on.  

Patience will eventually be rewarded.  

The key early on is good documentation, keeping clean records from day one makes a big difference.As you grow, you may also want to look at how your rental properties could eventually interact with your broader financial picture, especially if you have other income outside of real estate.

The concept of S8 (and the ultimate goal of the HAs) is to provide a bridge to those in need and get them in a more stable position so they can eventually get off the program.

Hard money loans (HML)s can make sense to scale and if doing BRRRR to rehab the property and looking to convert it to long term financing such as a DSCR loan when rehab is complete.

Another angle is a short term bridge or rehab loan from a local bank (not hard money) that converts to a permanent loan after repairs. 

You won't get all the answers from one, they'll end the call eventually, and also you'll get conflicting info. 

Crunch the numbers for hundreds of houses and when you eventually you will be absolutely positive you found the house that will give you the 50% to 100% return.