That is something you should explore before you make your decision if your strategy depends on refinancing into a lower rate.

Depending upon that, and your financial health I would just recommend hanging tight and adding another avenue of future income.

It depends on your price also.

Jacob,Depending on how quickly you will start the fix up, you should be able to insure the Property with a Renovation Builders Risk.  

The initial premium is likely going to be higher, but she has some carriers that will allow this, depending on what the remediation is, especially if they are buying it as an investment and not a primary.

I depend on another department as well for answers and I too have to wait," and then asked if I would "be open to an installment of a partial payment?

It really depends - you definitely can find affordable bookkeeper here.

@Dennis Hill if the house meets standards of that size family, enough beds baths and room size for children, then follow your standard rules, like I make anyone 18+ years of age qualify on their own unless they are a dependent of main tenant (prove with current tax return).

I realize the answer probably depends on lots of things (like the location, grade, etc.), but any info you can provide is appreciated...I have lots of experience operating LTRs, a bit of experience running a STR, and no experience operating a MTR--but I'm thinking about trying it out!

I say it depends on what kind of image you want to project.