You want an investment that pays for itself, including mortgage, taxes, insurance, maintenance, and even some money set aside for a reserve to cover vacancies and capital expenditures.

Value: I am paying current market value. 

With the exception of building a trailer on the property (these are hard to finance), this sounds like a good plan AND if you are using it for your business AND your business pays more than 50% of the rent (if you have more than 1 tenant), then this is a more financeable property in the eyes of banks and credit unions as it would be consider a commercial "owner-occupied" property. 

You are paying for it with a higher rate.

The reverse mortgage company wants buyout and I dont have over 200k to pay out.

I am not yet familiar with the management fees for an STR yet as we self manage, however Cleveland itself is currently STR friendly and just requires them to be registered if you have stays over 90 days and then you register with the city and pay $35.

Kody, you need to investigate the Pace Subto group and pay to get in. 

If you’re paying off less than $800/mo on your loan id say sell come April selling season.

   #9  SWEETEN the POT:    Do not think that paying extra rent is going to entice owners to rent to you. 

You'll need to have 10%  thru the sale account by 5pm the day of the win, and will have to pay the remainder within 15 days of the win.