The interest rate is at 3% on the home and doing a cash out refi would eliminate that low interest rate.

For me the less turnover costs were at least equal to any revenue loss as to rate differential between 30 days and 6 months.  

If they are say 5 years out would have them sell you the house, assume existing loan, you take a low interest rate loan with them- interest only, have them put in a trust the loan goes to you.  

Your talking about a 50yr and it's what, maybe 7, 7.5% interest rate.

Here are a few brainstorming ideas:Outdoor LivingMust have potential for high-impact features like fire pits, hot tubs, dining areas, or outdoor games to significantly boost appeal.Views & ProximityProperties with desirable views or close proximity to water, nature, or main attractions offer an enhanced guest experience.Premium Interior FeaturesPotential for dedicated game rooms, high-speed Wi-Fi, or comfortable dedicated workspaces to cater to diverse guest needs.Easy ParkingAdequate and convenient parking for the expected guest group size is critical for convenience and securing 5-star reviews.Garage to Game Room ConversionIf driveway parking is plentiful, converting a garage into a functional game room or extra living space offers amazing added value.Noise & Light AbatementEnsuring quiet enjoyment of the property through noise reduction measures enhances guest comfort and prevents issues with neighbors.

Based on what you listed, you have calculated the cap rate correctly at 8.36%.

Nice to meet you Tyler, I will do my best to answer:What lenders work best with Canadians, and what down payments or rate premiums should I expect as a foreign investor?

For Detroit properties specifically, the city assessor is aware that Detroit has the highest millage rates for rental properties in the state.

@Duke Davis  The three low rates were:4.25% fixed for 10 years then variable for the back 20 years (twice id that deal this year)4.75% fixed for 30 yearsAll 3 deals were arranged through a new home builder. 

• And what lender terms make the biggest difference (interest rate, LTV, DSCR, etc.)?