Anyways this home is in such a quiet area I might just live in it for a long period and enjoy it. 

When rents are raised a substantial amount in a short period it can be a shock to the tenant.

I think I mentioned it is leased by the government so the steps taken are time consuming and  maintenance will not be completed before my due diligence period. 

I personally favor equity, because I can be approved for a line of credit at any time, and simply not tap it for an extended period of time, and have it readily available to me should I choose to use it.

I believe cash-out refi has a holding period regulation.I realize there are hard money lenders, and P2P funding.

You must give at least 30 days notice, but potentially longer if rent increases required a longer time period in your lease with that tenant you are still on that tenancy and must adhere to the longer notice period.

We would like to buy and hold the property for a long period, but it seems like returns diminish over time as you hold a property. 

Did you also model the property's cash flow and appreciation potential over a long hold period?

Some have said we need to be relatively low on monthly rent given the short period, others have said we can charge more because renters usually want long leases.Any particular marketing approaches or lease terms work well with 6-month renters?

What are you planning on doing with the property and what type of hold period are you looking for?