Especially in today's high interest rate environment, a low income buyer is usually going to be better off renting than buying.

Listen to Brandon Turner's podcast where someone he interviewed shared how this made a HUGE increase on her income: https://open.spotify.com/episode/1bS4eL80KL1rWY4vyCMjXh?

Analyze Rental Income PotentialRun the numbers for your specific property.

Excluding the periods of “tulip bulb” irrational exuberance, a property must produce enough of a risk adjusted return to satisfy both the ROI demands of the “limited partners”, and the income/time requirements of the sponsor.  

Owning an asset is never a bad idea, especially if it's income producing.I would speak to a CPA about using cash from a WLI policy. 

Typically 75% of rental income can be applied towards your DTI for qualification. 

Additionally, the property includes an outdoor swimming pool.The use of the accelerated depreciation strategy helps real estate investors to reduce the tax liability immediately which therefore increases their bottom line due to the offsetting of income.

@Andrew Wade first narrow down if you want to be an active or passive investor.

The home has a separate studio in the back for rental income with solid rental history but I am still trying to get a sense of the likelihood of consistency in renting it out as a short term or mid term rental. 

Insurance-  we had 18 months of full lost income coverage.