The owner should look at it more like a DSCR, and should be pricing the property and offering terms such that the income from the property is adequate to pay back the loan.

The goal is to start building long term relationship with, so any names would be appreciated. 

I’d offer to sign the form if I was allowed to cross out everything between brokerage firm and during the terms.

If that's the case, you should be able to rate/term refinance at ~75% LTV with a DSCR loan, and with some interest-only basis, your payment will go to ~$850 (based on ROUGH pricing TODAY).

When a Class A apartment can be had for the same price as a Class B/C renovated unit, the B/C operator drops prices, and so on.But, in terms of making an investment decision, I think it is short sighted to rely purely on full market average data.  

I am wanting to get into fix and flips and eventually long term rentals. 

The key will be to set up terms so your monthly payment works.

It was purchased from MLS as a long term buy and hold rental.

As another poster mentioned rates are lower than they've been in the previous 18+ months but unless some very surprising economic data comes out between now and when you did your refi it seems unlikely that rates are going up in the short term and there is at least a decent chance that rates drop a little more before then. 

Of the many strategies I've looked into, House-hacking and short-term rentals piqued my interests.