A key consideration here is the refinance process.

Maybe, but those would be super rare.2024-specific consideration: should you even try?

Any people who have worked through the grant process in MI before who can weigh in here on other considerations? 

In low end properties they dont make enough and they also take on considerably more risk.  

So take into consideration the holding costs of making no money for years into the process. 

@Jake Baker - That point is probably my biggest consideration.

That helped immensely and will be a major consideration for me!

Hi Scott, consider USFR for zero risk cash, earns 5.4% holding 8 week Floating rate note US treasuriesor for mild risk cash, consider BKN - BlackRock's Muni fund, earns 5.6% tax free, which for you would be >9% tax-equivalent yield, and if rates fall, the BKN etf will rise considerably, which though will be capital gains taxable :(, It holds intermediate term Municipals that are all GO, general obligation, so they can always tax us dumb schmuck citizens to pay off the notes instead of defaulting, so low risk but not zero risk for cash. ie (Orange county '90s)Inflation has already resolved, the 3 month trailing core PCE is at 1.5%, well below FEDs 2% target, so they will likely start cutting soon as the 12 month trail falls in line, that's why Powell changed his verbiage so much last Wednesday, and FOMC minutes speak of 150 bp cuts before the end of December as their expectation per their Dot Plots, the only question remaining is consumer spending,(>60% US economy), if falling like McDonalds/Starbucks/Uber saying then unemployment will accelerate and then possible recession, then 10yr yield falls even more, and bonds values would rise like Mike just said above.

Focusing on the 5% down payment is an indication you place no consideration on downside whatsoever. 

All you really need is a meeting of the minds about the work and "consideration" (payments) .