Cleveland, Ohio seems to be the place to be in terms of cap rates and distance from home.

For my clients, they're looking to charge a premium rate, so I use this formula to ensure the value justifies that higher rate (better bookings vs. more bookings).

This would imply AA has an effective tax rate of ~3.5% for an investment property 

So investors want someone with a long track record of reliable and risk adjusted returns.

NOI divided by purchase price gives you cap rate. 

The terms are also similar to conventional investment property loans - 30 year fixed rate, 30 year amortization (or up to 10 years interest-only).

A refinance into an LLC avoids this risk but typically requires a commercial loan with higher rates and stricter terms.If asset protection is the main goal, umbrella insurance may suffice without disrupting financing.

Since interest rates are now higher than the mortgage on your current home, you'll want to calculate that monthly difference.SIMPLIFIED Example: current house mortgage interest rate is 3%, balance $250k.

If you've owned for at least that, you're good.If you do a rate/term refinance, where just the hard money balance is paid off, rates will be much better.

The benefit of this is that you are not paying Hard Money rates so in long term there is a lot of savings going this route.