I don't see a reason why an individual couldn't do likewise borrowing against a secured asset, but not everything about REI is strictly rational, and for all I know there could be regulatory restrictions against even trying this sort of thing.

This winter storm has made rational individuals make irrational decisions, so I would first give care to the tenant.

This kind of info and response is exactly what I needed to make some changes and do them rationally than just a knee jerk response.

I'm not sure how they are calculating NOI since neither of their stated 2020 gross or pro forma 2021 gross less the expense ration result in the suggested NOI.

Honestly, this is precisely the conundrum we face every day as entrepreneurs or landlords: the balance of being human and business rationality. 

Another Pro to a portfolio loan is that the lender is making the general requirements, so they could be okay with a less than favorable debt/income ration, could be okay with lower credit scores, etc etc...In return you will probably have higher interest rates which is one the cons but by the time you have to get a portfolio loan in order to scale, you should be making enough to afford it.Rates are around 6% give or take right now, so when they go down, if it makes sense , you can refi at a lower rate. 15 years down the road, 30 years down the road, these mortgages will be paid off and not only will you be generating profits from rent, but you will no longer owe money on the homes and have 100% equity in them.

Justifying implies I already made the decision to proceed and am trying to prove and/or rationalize why I am proceeding. 

Aloha,Sounds like the best move might be to fix it for a flip, appeal to the top of market for the area with your finishes, then sell on a 1031 exchange to get into something more rational for long term hold and rent, maybe a duplex.

People aren't rational most of the time. 

And the reasons usually were not rational.