Being out of state, I would suggest vetting your "team", meaning find an investor realtor, lender/s (hard $ / long term), property manager, contractors, etc.

For instance, the term could be 3 years and add a clause that says they have to return the property to the condition it was in when they moved in, not just keep their deposit. 

., as long as you know (or think you know) what you are in for.

For investors looking to maximize returns while managing risk, here’s why this type of deal stands out compared to Treasuries.Treasuries: Safety with Limited UpsideTreasuries are an attractive option for those seeking safety, especially short-term bonds with maturities of one year or less.

The rate and terms on the 2nd lien position if you can find one may also not make it worth the cash out.

I know that is a long pay back period but don't plan on selling anytime soon, plus you never know what nat gas prices will do. 

So how long have you been in N.

Working with a mortgage broker that specializes in DSCR loans will help you find better rates and programs such as lower DSCR ratios such as a DSCR 1 ratio for better terms versus needing a 1.2 or 1.25 DSCR ratio (more on that below).

If that's the case, you'll want to start with a fix and flip (or hold) type of loan, complete your renovations, get it rented out and THEN refinance into a DSCR loan for a long term hold. 

Are you looking for retirement in 10 years and an appreciating market or are you looking for a cash flow now maybe a short term rental or inexpensive cash flow market