For example, what would the cash flow be like after you renovate and lease out at the new rates?

So why would we buy the cash flow at a rate of 6%?

For further context, we are trying to have him be the name on the loan because he would be able to utilize his first time home buyer loan to take advantage of the lowered offered interest rate.

With the current mortgage rate constraints affecting how many buyers are willing to enter the market we are seeing a lot of borrowers have success with the BRRRR strategy with plans to sell in the next 3-5 years when interest rates go down.Researching potential LTR and STR rental amounts and seeing if holding for a few years is a viable option is a good analysis to do well. 

Mortgage rates at 7% 2. 25% down3. 10% of current rents budgeted for capex, monthly repairs and maintenance and property management fees. 

Also, it's likely that a slightly smaller amount of each payment will go toward principal since the loan balance is higher and the rates are likely nearly the same once the MI of 0.5% is added to the rate.

Maybe they are trying to annoy people with low rate mortgages on purpose to get them to refinance (conspiracy theory alert)?

If you could do it differently, owner occupied is easiest to get a HELOC on and has the lowest interest rates.  

What is the appreciation, condition, community, class level and vacancy rates?

I got bit a couple years ago and went from a 6% rate to almost 10% rate.