This person likely has a 30-year fixed rate mortage financed at less than 4.5%. 

The main reason I decided to sell rather than hold was the rising interest rates.

We appreciate your support and understanding during this challenging time.A medical note attached simply says "1 year leave from school for medical reasons"Please advise on what is the best recourse in handling a situation like this?

Mortgage rates and PMLs are 8-12% plus points right now so the deal has to be a low enough entry. 

You can then rent at market rate but have to register it with the town annually and abide by their annual inflation rules.

New construction can offer many incentives for interest rate buy downs.

@Loren Souers I'd have to run the specific scenarios with the rates and fees, but if you're OK with paying the higher closing costs, the Mortgage 1 deal looks good, particularly if you focus on CoC returns.

Reason is a Heloc generally carries a higher rate on a shorter term and "Can Never" be used as an "Asset, or for PITI reserves" which are both required when you buy an investment property. 

Do you think this strategy gains strength if lets say... in five years interest rates are at 5.5 vs 7.5 now?  

I already have 2 loans on the property with great interest rates that I'm not looking to replace.