I am working on fixing my house in Philadelphia for rental then will be looking at temporary apartments in PR.

People with high risk tolerance will have a far different answer than someone who is risk averse. 

Much better as a short term acquisition strategy for flips IMO but always a high-risk strategy that should not be practiced by anyone who doesn't have the liquid capital to pay off the loan if needed.

So if your replacement cost valuation on the policy is not high enough to actually rebuild the property (oftentimes this is the situation when contractors are charging premiums because they are so busy with other losses), and unless you are personally willing to pay the shortfall to rebuild the property, the insurer will only pay you the depreciated (ACV) for your loss.

You avoid the tax hit, and still get the use of 75% of the equity if you do a cash out refi - (but high interest rates sort of play against that to some degree presently… but you could alway refi again down the line if rates dropped.  

Cleveland is great for that high cash-flow.

I highly encourage everyone to view the property before putting money down, but that's not ideal for many of them, so I do allow them to rent "sight unseen," but I am very open with them to ensure they don't show up and back out.1.

I'd highly recommend attending some local reia meetings.

As the market evolves we've intensified our commitment to helping investors focus only on listings that are eligible for vacation rental usages and either; have exceptional existing production or high potential for rental performance.

My known options are hard money or private lending and then maybe doing a cash out refi, but rates would be high on both ends and will really cut into my cash flow.