The "extend and pretend" strategy hopes rates will be lower when the extension period ends.

@Zehua Zhou, I don't think so, it has to be non-recourse, period.

Even if delivered vacant it can take a considerable amount of time to legally de-regulate a stabilized building and it mostly requires you to have the units vacant for a period time (no cashflow).

Former Lifestyles trainer Steve Davis has started this and has some Dallas trainings and meetings periodically.

I think its dumb to be hundreds of dollars under water for a drawn out, sustained periods.

My financial planner who is overseeing the account has said that I can take out any amount during any period of time (does not matter if it's one lump sum, five years or life expectancy). 

If you are financing this with a DSCR program you will be looking at high 8s to 9s depending on the Prepayment Penalty Period. 

Currently, the City generally categorizes short-term rentals, such as Airbnb or Vrbo, as hotel, motel, or bed and breakfast uses because the lease period is less than 30 days.

The larger projects I am looking at, would require more funds (probably around $500,000) and a longer hold period (3-5 years). 

HELOC then you can use the equity for another deal but I would only use it if its for a flip or brrr or possibly if have a plan to pay the heloc off over short period of time.