FHA rates are actually lower than conventional right now even though there is a monthly mortgage insurance it’s not much in most cases.

I own a commercial unit, and I’m trying to determine a fair rental rate for the space.

What I'm hoping is to value add and refinance a bit later if/when rates go down.

I have some great examples in my book, including my father-in-law who lost tens of thousands from a single mother that he tried to help.Stay at market rates.

In the long term  expect RE to appreciate at a rate equal or greater than CPI.  

The landlord shall not commingle such moneys with any other funds of the landlord or hypothecate, pledge, or in any other way make use of such moneys until such moneys are actually due the landlord;(b) Hold the total amount of such money in a separate interest-bearing account in a Florida banking institution for the benefit of the tenant or tenants, in which case the tenant shall receive and collect interest in an amount of at least 75 percent of the annualized average interest rate payable on such account or interest at the rate of 5 percent per year, simple interest, whichever the landlord elects.

And YES, far FAR too often I am seeing people stack up UN-realized expenses at a compounding rate, to give selves a false sense of "profit" on whatever monthly/quarterly capital there moving around. 

For your $2M property, a cost segregation study estimates $316K in first-year depreciation (compared to $28K with standard straight-line), potentially saving ~$117K in taxes at a 37% rate.

In this era of increased rates, obtaining properties that will produce a good return are harder to find and often involve quite a bit of work.  

I'd suggest checking local Airbnb/VRBO data or using AirDNA to see occupancy rates and average nightly rates in the area.