Over time, I’ve accumulated more cash reserves and don’t need as much flexibility, but I’m actually in the middle of a refinance right now using an interest-only mortgage—because the pricing with the lender and the corresponding ARM is more favorable than a comparable principal-and-interest loan.The key with these alternative or "exotic" mortgage types is that you need to be financially savvy and have a solid plan.

then collect rent from him, which he doesn't have to agree to and even if he does he may not always pay on time, if his 8.75% interest rate is any indication of his credit score, which it is.I have another alternative. 

Quote from @Vinod Moorthy: Wagner - you have offered alternative on the 2 properties I had with you which i waited for 2 years and now it is almost another year and there has been no updates from your side or any help to expedite.

Numbers don't lie and in todays world I don't know any investor given the choice who would want there money tied up in a mortgage with this  as a viable alternative to have liquid damn cash.

BRRRR is tough, more difficult than advertised, definitely still a viable strategy, just not a 'cash flow' strategy.Yeah I didn't figure it for cashflow, but more of a piecework operation for profit and redeploying ARV equity with some alternative uses for renting if desired.

We estimate the project will take less than 3 months to complete.I’m exploring alternative short-term financing solutions and would appreciate any advice or recommendations on options that might work well for this type of project.Thank you in advance for your insights and assistance!

Alternatively if they all love the deal, that's also likely a good sign.You can get a dog of a property in a crap neighborhood that will yield a 13.6% gross cap (not saying yours is), but that certainly doesn't tell the whole financial picture of how the asset will perform.

Looking at the places, they are all the "weird" kind or have some kind of alternative building practice.

This means that someone who makes $43,000/year would now eligible to buy this room condo, and have access to a vehicle through which to build equity in an asset as an alternative to paying rent. 

Before I order a second appraisal, I would investigate an alternative lender.