So, would that be:$16k up front and then 12% monthly interest for the duration of the deal?

That said, provide false address and false duration when confirming.

not a great deal compared to buying 5 year term first trust deeps on performing rentals that pay 9 and 10% and you get paid off in 6 months then what .. no return.. until you find another deal so your drag on money turns your return much lower.. now if it was 10% or 7k over 6 months that would be something to think about.. but not an interest rate for such a short duration.

You may or may not need to keep that money in a interest bearing account for the duration of the renters occupancy. 

You can rent long term as a "Alojamento Local", which is what's usually used for Airbnbs and short term rentals, given the fact that you do not have an upper limit on the amount of times you can renew the service or the duration.

We can rent it for the duration and In addition, the property values will  likely continue to rise, and if we are overpriced, there is better chance of keeping our expected profits. 

The refi will roughly double the deductable interest while also doubling my rate for the duration of the loan.

Depending on duration and risk to lender.

But assuming your not planning to live there for the duration of a 30 year loan you should move on. 

However, it does not always make financial sense to empty and gut the building to carry out a deep retrofit (and even when it does, that initial whooshing roar of capital flying out of your bank account can be unsettling).As of late, we have been purchasing rather, to very, unloved buildings with plans to (eventually) perform deep retrofits on many of them {where the increase in the property performance will pay-back the investment in a relatively short period (say 3 - 6 years) versus the planned hold duration (i.e. 20yrs).