In this case, since they are borrowing their payments, these would get added to the principal balance each month, and interest would be calculated on that.If, for example, the interest rate on the note were 10%, they would implicitly be borrowing their payments at that rate.

Mortgage rates and PMLs are 8-12% plus points right now so the deal has to be a low enough entry. 

Curious, what sort of cap rates do you see in Japan? 

If I can park the 388k ($415-27k) for one year at CD rate of 4.5% and then est 300k (after paying cap gain/depr recap) at 3.0% (assume CD rates lower) that interest income of about 24 months net of ordinary income tax is about the same as my current mortgage.Trying to play devil's advocate and think why selling this year does not make sense. 

Across the remaining portfolio, I have a really good amount of equity which I can tap into based on opportunities but need to finish cleaning up my personal debt prior to going that route to get best rates etc.

It's definitely possible to get a loan as a foreigner but the rates will be high(er) and the downpayment required will be as well.

You have to put more money down and pay a higher interest rate and is limited to only 2% IPC.

The interest rate on a HELOC or Heloan may be better than the personal loan. 

I believe United FCU is best. 20% down, usually a 10yr term (they offer a longer term though), and an interest rate that's pretty close to the current average for conventional loans. 

The voucher is the most that Sec8 will pay for that person’s rent regardless of where they rent.  2) The second part of the Sec8 equation is the market rates for specific neighborhood’s and property types (SFR vs apartment, # bedrooms, # baths, utilities included vs paid by tenant, etc).