Not sure if these are all investment properties or if you're including a primary or second home, but my suggestion would be a cash out refi of an investment property to pay off your debt, and a line of credit on your primary to have available for reserves if needed.

I don't charge security deposit or move in fee nor do I care about credit. 

When I look for my next property, I work on cleaning up credit, so my scores are as good as I can get them.  

I suspect the builder has crappy credit and can't get approved on their own.Also, as a former banker myself, local banks aren't generally interested in financing new construction on this size of project or a builder that doesn't have extensive experience in these type of builds, in my opinion. 

Also I am trying to hold onto it for the next 10 yrs at lease so if the 54321 offers me the lowest rate I would lean towards it.

We're wondering about various what-if's though, such as what if the people tear up the place, what if we don't want to rent to someone in particular due to references or credit or pets, etc.

.* Our agents met and we learned that the lowest they'd go was $510 because of a HELOC* We offered $520K with $10K seller credit to be used for closing costs.

Your best returns with the lowest headaches will be SFR in a non HOA area :)

To do well, build a strong money base, keep a good credit score, and look at other loan types besides FHA.

After 45 years investing across many asset classes, many investment types, and everything from lowest risk to outright gambles, I think I finally know the answer.The biggest divide is between investments in which operational control over that investment is with the investor, and investments in which control rests with another party.