My lenders know I have other financing options, which I believe helps me get more favorable terms, but also, helps me to find the best deal. 

And even then, the life cycle is generally pretty long from first contact to closing.  

Rents continue to climb as well but likely not enough to keep up with increasing monthly mortgage payments when considering interest rates and soaring property values.There are 2 main schools of thought when considering investing in an expensive market like Long Island.- Robert Kiyosaki, Grant Cardone, and similar thinkers believe its best to invest in markets with higher cashflow while renting where you want to live.

Additionally, I have a great relationship with my lender and secured favorable terms on my current loan.

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. 

How long does it usually take to get a tenant?

Hey @Tori Rhodes - As a builder myself here in Chicago that is a question I hear often.Before looking into your loan options, I'd look long and hard at the cost of land and construction in your Grand Rapids area. 

Avery Carl's Book, 'Short-term rental, long-term wealth' How did you find this deal and how did you negotiate it?

If you proceed with a deed transfer, structuring ownership via an LLC or legal agreement can outline buyout terms, profit-sharing, and future equity splits with your father and sister.

Option A would allow me to keep it as a long term rental .