I wouldn't worry about the $1000 payment.

The new buyer puts down 10% as the option fee, ($50,000 fee to our buyer) in this case, and we make the rate 10% to the new buyer for the monthly payment. 

It won't change the payment unless you refinance.

I don’t see where a rental would make sense, so I’m trying to look at other options to cover the monthly payments until the market goes back up.  

Here’s the situation:Purchase Price: $540,000Down Payment: 20%Mortgage Rate: 7.125% (30-year fixed)Monthly Expenses (Mortgage, HOA, Taxes, Insurance): $3,706Realistic Max Rent: $3,000As you can see, I’m currently short $706/month even with max rent.

Thank you and be well-ShawnT Buyers aren't necessarily interest rate shopping they are shopping for affordable payments.

Is there a market you have anyone that you trust that would be willing to help you out in a pinch?

Your payment went up $1,000/mo but the taxes only went up $5,200 which would be less than $450/mo.

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I do not have to much cash for a down payment but was thinking of doing a HELOC on one of the rentals to get more cash and go the BRRRR method.