It helps estimate ARV, rehab costs, and potential returns and offers funding options. same for long term tenants?

Here’s the situation:Purchase Price: $540,000Down Payment: 20%Mortgage Rate: 7.125% (30-year fixed)Monthly Expenses (Mortgage, HOA, Taxes, Insurance): $3,706Realistic Max Rent: $3,000As you can see, I’m currently short $706/month even with max rent.

Here’s what keeps successful house buyers winning (even when deals fall apart):**They don’t get emotionally attached to a deal- A lost deal is not a personal failure.

I would have asked you what your long-term goal is but you have already thought about it.

With an interest rate like that I'd seriously consider finding a way to hang onto it and rent it long term even after moving.My wife and I sold our first home in dublin OH in 2018. 

@Robert GonzalezMost any DSCR loan is going to be chalked full of docs where you agree to NOT occupy the property while under the terms of the loan you are signing docs for. 

He intends to turn it into a short term rental. 

Make your life revolve around it and you will be successful.

Prepayment penalties- usually 1-5 year terms.

Though I am unsure how I would amortize the up front remodeling costs for P&L, tax accounting.2) Interest only loans term loans -  Would allow current owner to have cash flow on the property, without eroding the asset value.