@Joseph Catalano gave you the correct answer.

“Work” the note by offering a smaller discount for payoff to the debtor, or by enticing an increase in monthly payments for a decrease in interest rate, which should if structured correctly increase you yield.I have successfully used all these techniques and many others to enhance my returns.

@Arthur Nogueira What Bill said is correct, you can do a cash out refinance on a fully paid-off house.

You are correct about the importance of a coach.

Do I have the correct understanding of this?

But comparing rates on commercial (non standardized mortgages) is like asking what’s the price of carpeting without specifying the quality, type, color, installation, warranty or anything else.  

If the reno is done correctly, and screening is also done correctly, it can me a money maker.

I believe this is correct - doable but very challenging to qualify STR with conventional in a high-rate environment like we've been in.Sharing this article published last year on STR Loans Options Pros/Cons, etc if it helps!

I just want to make sure I have this correct because that is not a thing.If your goal is to leave your job, it's not going to be through one investment and it's certainly not going to be feasible to build a 4-plex in Vegas or Henderson unless you have a solid bag of cash somewhere.

Dated mica kitchen counters and older color style tyles in baths.