So a $100k policy with a $50k loan against it still earned interest on the whole $100k, whereas a $100k 401k account with a $50k loan against it only earns interest on that remaining $50k until the loan is repaid.

I would have to find financing in 3 years for the $260,500 remaining to be paid.

Normally, PMA's provide that the PM is entitled to damages for early termination, such as, the fees the PM would have earned for the remaining term or perhaps liquidated damages.

Read below for my remaining notes from the Single Family Rental Forum (East) that are specific to build-for-rent!

The good news is that Florence remains one of the more STR friendly markets on the Coast.

Don't know where your rental property is, but in Florida, we have a statute that deals with death of last remaining tenant and the procedures to follow to allow the landlord to take possession of the property and dispose of the tenants personal property.

Currently, I have my primary home loan, then a HELOC that has over $200K capacity ($50K balance remaining on it, but should be paid down in the next 3-4 months), so $155K or so available to draw on my HELOC at about 12%.  

And downstairs was going to remain a storefront.

You could sell and 1031 it into the next property but you'd usually have to time the sale of your existing property and the closing of your new property right.I also wouldn't worry about having central air in the property unless that is essentially a requirement for you to remain competitive with the rest of that market.

Reserves remain in that account, rent is deposited into that account, etc.