Recognizing that I'll need to discuss options with an attorney, I'd like to have a few alternatives to bring up and talk through with them.

Another alternative is creating some incentive to bring on an experienced investor and maybe work this stuff over the years to possibly navigate the pain.

The alternative is moving to somewhere cheaper or find a higher paying job.

But, it's not a no-brainer better alternative to renting. 

Alternative plan would be to use a  3% down conventional loan. 

Are there private money lenders who do cash out refinancing deals as an alternative?

From what I hear on the recent podcast 710 it's a great alternative to short-term rentals but a lot of leg work to get licensed and set up. 

1/4 drywall over popcorn ceilings and wallpaperMudjacking can be an alternative to replacing concrete in some cases.Resurface old tile, tubs, and countertops if they're in good shapeDefinitely vinyl plank in rentalsNew scratch and dent appliances, if you can find them.Amazon for pretty much all plumbing and electrical fixturesRip down  3/8 plywood for cheap shiplap.Using contractors who are budget conscience can save a ton.

My gutt is telling me to double the deposit and go with it because the realistic alternative is the unit sitting empty.

Alternatively, a lot of investors have found success in self-managing their rental properties as a way to cut down on their management expenses.In order to decide what option is best for your portfolio, let’s take a look at all the landlord duties you will be taking on if you self-manage or that you could pay a property manager to handle.