With a DSCR (Debt Service Coverage Ratio) loan, you can tap into your equity and still retain the cash flow since it's based on the property's rental income rather than personal income.

I have 3 properties and that seems to be what I have observed at least with mine in the Phoenix Arizona market. 

Phase #1 - Recovery  - characterized by high vacancy rates and no new construction- rent, during this phase, is flat or declining- owners offer rent concessions to avoid their property occupancy rate from  decliningPhase #2 - Expansions- characterized by declining vacancy and the start of new construction- occupancy improves, concessions are not being offered, and rental rates being to growPhase #3 - Hyper Supply - characterized by new construction and vacancy rates beginning to rise - rental rates begin to grow at a slow rate- rent concession are being offerred due to the new construction in the area [in the hope of retaining current renters]Phase #4 - Recession - characterized by the completion of construction and a decline in occupancy rates - concessions are abundant to avoid high move-out rates Here are some foundational truths about optimizing your investments:#1 sow seeds of success in the down times - "The season of failure is the best time for sowing seeds of success."

We've heard that the leases are for 18 months, but that FEMA retains the right to cancel them with 30 days notice.

NOTE: A lower OER indicates a more profitable property as a larger portion of the income is retained after covering operating costs.Hope that helps!

Has anyone talked to or retained an eviction attorney? 

A few observations:1.

But if refinancing doesn’t leave you with enough equity for future deals, you might be better off flipping for cash and avoiding a lot of refinancing headaches in the short term.If you’re planning to buy your sister out and retain full ownership, you’ll also want to ensure that the numbers still make sense on a long-term hold.

@Sean MacDonaldI think you summed it up in your observation of your clients, it's very typical here in the valley that the number of transactions will decline right before an election and then those buyers just like your clients will get back in and the number of transactions will pick back up in the months following the election.

Not specific to OP but I constantly observe the pressure investors face to buy real estate.