I will do my regular due diligence when dealing with a new partnership and any deals they find. 

Have every detail spelled out, use an escrow account and daily updates verifying all parties are executing their responsibilities.

Our 275 sq ft furnished garage should rent for $1600 - $1800/mo and the only extra fees compared to long term is $99/yr to post on furnishedfinders.com. ...I should have this finished by the end of next month, so can keep you updated on whether this plan works and what we rent for. 

I will update you!

@Holly Thorsen see above for potential challenges tapping your equity in the rental.You only need 5% down for a regular mortgage, 3% down for an FHA mortgage - so why don't you have the funds?

I make my regular interest-only payments for the first 7 or 8 months, and my interest-only period lasts 5 years.

I’d start by figuring out the cost of the cosmetic updates and seeing how much you could rent it out for.

I installed some updates like new flooring and Kitchen appliances.

@Enrique Toledo  Any update on this potential deal and what you wound up doing?

There's literally no advertising in the post at all, it's simply a news update on changes to UW guidelines...