Is it the last rental rate you charged, or is it the going rate in the area + 10%? 

That moratorium is supposed to be temporary.Mind you, while the US used to have (some of the) lowest interest rates in the world for the last 15 years, this is no longer the case and the US actually has some of the highest interest rates in the world nowadays and that doesn't look to change any time soon.

Shorter term CD's actually have higher rates than longer term so staying in the 3-6 month range is best.  

Hey @Brett Baker, generally, any place with a great water view or directly on the water will bring more revenue.Of course profitability will all be based on purchase price and prevailing nightly rates in the area.If you find a cool 2/2 or 3/2 right on the water with a great view for 1.5m or a 2/2 or 3/2 house a block away for 600k, then I would look at the house over the condo.

Since you’re still figuring out where to invest, look for areas with strong rental demand, good schools, low crime, and potential for future growth.

Foreign investors ( primarily Asian countries) parking money or buying a 3 mil home for the kid to live while they go to school.. 

If you are doing it yourself with the current interest rate environment, like Bruce said, it'll be a functionality of how much you're leaving in the deal.

I work with some builders and they have 2-4 units with rates in the 4-5% range.

However, prices on $1M homes haven't really appreciated all that much and we are looking to move to something much smaller near where our kids go to school. 

However, if the FHA interest rate is lower, I would still go that route and if rates drop refinance  however keep in mind FHA has PMI for life  Here you go