@Damion Brown Why not just use a bank originated construction loan that converts to a permanent loan?

Again section 8 recipient are supposed to have high barriers to housing such as a permanent disability or something else.

If that’s not an option you’re comfortable with, pay the couple hundred dollars to have a professional photographer/videographer grab the walk-through so you have it as a permanent going forward.

Are you talking about permanent movers, or those on vacations of some sort, or people who are temporarily to be housed due to an emergency and then intend to move back to their old stomping grounds?

The plan is to come in and improve the NOI over the next 12-24 months then implement a strategic cash out refinance and move to long term permanent agency debt.

Maybe my analogy was too restricted for all viewers, so try this one… Have you ever tried Telling a fat person that they are fat?

We usually cut a permanent dryer vent in the wall and use that to exhaust it to the outside (instead of hanging a hose out the window, yikes again).If you don't have forced air in a property (meaning if you have hot water radiators) a mini-split system is one of the most cost-effective ways to cool a house.

Well, fortunately they didn't listen to me, sold at a fat profit and bought a house in Boca Raton. 

When we finally move to SD permanently  I plan to refinance, pay it down and reduce the loan.Does this seem like a reasonable plan or should I allow the 3% rate to lock me into that rental even though I want to use that equity to buy in SD rather than wait several more years, till I save up more for a down payment to buy in SD?

Great chance we are quickly creating a permanent class of renters or expanding it.