But if you are really set on RE you may want to explore options of borrowing against them or taking cash out early.

Due to the creativity of the deal conventional funding is not an option.

Sounds like there are more than just 2 options. 

Typically in my experience EVERYONE is happy to help.

I say that because every decent legit place I know of in market, yes offers the option of doing just tenant placement, for self-managing. 

This could give me an option as a house flip if the numbers don't work out in my favor for positive cash flow.Target Returns:Given the higher risk, what cash-on-cash return or annualized return should I be aiming for?

Even then, all of my booking.com clients are American I offer a 25% discount 0-3 days out. add a 15% fee which essentially covers your commission. set up with one hour to cancel, flexible / strict option but no refund 60 days out or later. sync it with Airbnb and or the other ones you are doing.

Taking out more debt does not sound like the best option IMO.

The options are going to non QM lenders who allow this.

I have seen a lot of folks that typically BRRRR pivot to flipping for the time being.