Our rating across all properties is 4.5 too. 

I have a robust team of mortgage lenders, title companies and RE attorneys.

That will determine if you could sell it and use the money to buy a single family home or would need to take out a mortgage. 

However, i want to address placing a tenant.My market has a low vacancy rate.  

I am bullish on the FHA 203k and home-style renovation loans that allow you to leverage the cost of your renovation as part of your mortgage, which is just an insane deal, in my opinion.Do you have a specific area where you want to purchase?

They aren’t able to get a mortgage themselves so they would provide the money while the mortgage and deed would be in the others name.  

And your bank is not requiring any sort of paydown of the mortgage for a partial release. 

Fort Lauderdale has higher purchase prices and nightly rates, but Pompano has had an influx of investment and continues to improve, specifically by the beach. 

So this is creating more competition and more agreesive rent rates and/or concessions like 1 month free to get those vacancies filled.

That is the best option if you are truly trying to help a family member.you cannot get control of the mortgage, you can do sub2 but you are not in control, the bank could call it due if they see the property transfers title.The other way is for you to buy it from them at market rate, then rent it back to them at market rate.