Looking at multi family in mt pleasant and I’m seeing all over online crime rate is very high but agents and PM’s saying the area isn’t bad.

After 4 months they give you the opportunity to open a secured credit cardAnother is called "Kikoff": These guys will report a $500 Limit Credit Line for less than 5 bucks a month.These modern services are a great place to start, they will never report late payments, won't get you into debt and build your credit score every bit as much as credit cards.After you 3 - 5 of these open for 90 days THEN apply for credit cards, you will get much better approvals, higher limits, lower rates, more rewards etc...Mortgage lenders will also be looking at how long those accounts have been open.

I can't make the numbers work with these rates and high prices.

:In accordance with the City of Chicago Building Code Title 14B:14B-6-601Table 601Type V-A construction:Floor Construction and Associated Structural members:The table notes a 1 hour fire resistance rating; however, in accordance with exception (g):"In single family dwellings, the floor construction over basements and unexcavated spacesbelow the first story above grade plane is not required to have a fire-resistance rating."

Refi's typically have a slightly higher interest rate than a new home purchase.  

Two years ago they were offering me a competitive rate however after one year they raised the rates quite a bit. 

That means you need to average a nightly rate without the cleaning fees of $240 on a small cabin. 

Option 2: Private LoanIn this option, a promissory note is written for my partner to loan me the down payment amount (20%/$46K) for a 2-5 year term at a 10% interest rate (details are still up for negotiation - are these terms reasonable for this kind of deal?).

DSCR cash out is probably going to give you the best rates and lowest fees compared to a Fannie Mae or Freddie Mac investment property loan.  

The projected cap rate is 11%-12% which is not bad at all, especially considering that once the remodels are complete, rents will more than double.