Depending on the lender (bank or alt. lender) you have to look at origination fees....points, doc prep, interest rate, frequency draws are allowed/min. draw amount allowed per request, interest payments vs. interest reserve & whether interest reserve is capitalized to fully understand the true cash requirements.

With some of the new properties they find they are getting great interest rate buydowns from builders. with equity of 1.2M you have many options on where to move. 

The Fed rate cuts will eventually help bring down mortgage rates.

Offer to pay them off in 5-10 years at a higher interest rate.

Additionally, they have another property which has appreciated in value, carries low interest rates, but has negative cashflow and essentially feels like it just locks money away.

This being said, I don't believe we'll be able to meet the income requirements to qualify for a conventional.This leads me to believe hard money or private lender is more the only option to get my foot in the door, use my business to make repairs at very good rates, build some equity then refi once the balloon is due. 

Combining short term rentals and a venue is a huge advantage because guests would not have to travel far and you could offer better rates as part of a event package.My current venue focuses more on baby showers, content creation and birthday celebrations rentals.

A lender, "how about interest rates, wow."

You can learn a lot about areas and rent rates without asking a PM so explore that first

Now for the numbers part, since all MTRs include utilities, the market MTR rates should have that baked in already.