I'm just curious should I furnish the place or just keep it empty and people can move their own stuff in and just drop the minimum lease duration to 3 months?   

@Stephen Hood your idea is solid and shows good potential, but here are a few things to consider:Private Lender Terms: Ensure the lender agrees to the 1% origination fee and $2K monthly payments—some may require a higher interest rate or balloon payment at the end.Timeline for Sale: Factor in potential delays with selling your current property or completing renovations on the new one, as these could impact your refinance timeline.Refinance Feasibility: Confirm with lenders that refinancing at $500K is realistic, especially after recent rate increases and appraisal expectations.Exit Plan: Have a backup plan in case the market shifts or repairs take longer than expected, such as extending the private loan or bridging with a HELOC.If you can lock in favorable private loan terms and stay realistic about costs and timelines, this could work well.

Make sure all parties know the jurisdictions that you need permits/approvals with, and whatever duration you think it will take to achieve permits, probably add 50%.  

FHA is still pushing Covid workouts actually, and currently have extended them through April 2025.

Also, platforms like Crexi and MLS can sometimes yield better results.Questions to Ask in New Markets: Focus on questions around local vacancy rates, job market stability, average tenant stay duration, and the area’s development plans.

And I may just try to extend the building.

This property is in the Extended Use Period though mid-2026.  

Fine a seller financing deal 10% down interest only payments for 10 years 4% I/O with option to extend until a ballon payment.

Inspection and closing likely to be extended 20 days. 

I have a guest nearing the end of their stay who would like to extend for an additional week.