Once the renovations are complete, the property might appeal to owner-occupants or investors, and you could potentially recoup your costs and free up capital for a more profitable deal.

Any ideas on what I could turn it into to help generate some extra profit?

Since the interest rate is already high, adding to it won’t drastically change your overall costs and will free up the liquidity you need for the new investment without affecting the low-rate financing on your multifamily property.Using the hard money loan to close on the new property could work well, especially if the property generates the $6,000/month you expect.

Or are interest rates, rents, etc. still out of whack and making profiting difficult assuming now as time zero? 

. - Even if it takes me 6 months to find a tenant at $25/sqft + NNNs, I would still generate more NOI in year 1 than on a multifamily property with similar square footage.

Just consider the rent you saved buying the place as part of the profit plus any/all the write offs you’ve had for 3 years. 

Long-term rentals offer diversification, learning experience, and lower returns but may generate lower returns.

I've been using Avail to generate leases and collect payments from guests for my MTR but I don't think it has comprehensive enough features. 

However ever if the numbers are done correct, you can buy one for a good price, live in it for a few years then sell it at a profit ish (Covers what ever extra you paid into the unit) to then migrate to a home instead of renting.This is if you purchased at a good price.For investment only??

So, the real estate broker/agent would have to inform the seller of the fair market value of their home, making it much more difficult to earn a profit larger than what a real estate commission would be.