And, even then, hitting your rate target would still be extremely challenging unless you were paying points up front, in which case it would probably make more sense to just try to put in a bigger down payment (or pay down the balance if refi) instead and get better terms naturally offered at the lower LTV.

Then sell the property and start doing fix and flip or fix and rent. ( I prefer to sell this property as it 100km away from my student rentals. ) Not sure if I should renovate the lower unit to sell.

Guaranteed others are fine with a lower elevation, but I do not have water run over my foundation inside.

It's not that I have zero cash, just not enough on hand to close the deal on my own.Purchase Price: $275kRehab Cost EST: $130-$150kARV: $550k-575kLake Front house w/dock (a huge incentive on this lake)I have a little over $30k available but don't want to drop much lower but also hate to miss out on this opportunity.  

and 5 years is a long window for things to change in ways we don't expect (lower interest rates maybe??).

But as far monthly payment you could easily buy a house in a cheaper location have less roommates and the same monthly payment or the same number of roommates and a lower monthly payment.

Start at a higher price point (not too high maybe 10%-20% higher than what you expect to rent for) then each week lower it just a bit until you get it rented out. 

Plus today's rates for conventional loans are in the single digits, which are lower than hard money.

Banks and credit unions might have lower-cost options, but they'll likely require more equity.

That will keep your out of pocket lower and your $70k would allow you to buy two properties.