To depend on the rates to drop substantially to cover refi cost is a gamble.

One learns very quickly and unfortunately usually the hard way that cash tenants are a huge gamble and that section 8 is the only way to find healthy, consistent, positive cash flow in Detroit and many of the other inner cities accross America.

But anything beyond is  designed purely to kill this as an enterprise , perhaps by competition higher up in the chain that pays the legislators/lobbies to get fascist/communist laws passed, increase the taxes/costs and inflate already overinflated nanny state. 

It's like gambling for them but will want a much higher pref and much higher equity upside from syndicator because of little to no track record.

And your gambling a LOT of $ on trying something out, via purchasing a property to try the waters.     

I would take the gamble that rates will fall on their own over the next 3 years and live with the result. 

In some cases, gross income can include recurring capital gains or unrealized income, winnings from a day of gambling, rental income, and sometimes even interest earned on retirement accounts.

Most who gamble to such do not. 

Property Taxes Are Too HighA hike in property taxes can turn a once-profitable rental property into a loss-making enterprise.

The platform I invest (gamble?)