I feel your pain, very much so!

@Henry Clark is the self-storage expert.

I don't feel as if $500 a month in interest is worth my time on one of these notes.

conversions can be more expensive than new construction sometimes. maybe they can do a studio conversion as a start and make it smaller. there are a ton of strategies and structures but start by studying the market for 2 family properties and getting to know the miami zoning codes. you are the expert not them. ask for compensation 

Feel free to reach out and I would be happy to share some information regarding this type of loan.  

Really depends I feel on how many mm you’re looking for .   

Even looking at the balanced rate (which I feel like is hard because the terms are different) along with the potential to have the monthly payment/fees covered, it feels like a cash out is a better option if we did want to keep this.Part of the current struggle is that the market was hit harder from the rate increase so sales are almost at a standstill and even with trying to sell the house, the rental market is doing substantially better because most military cannot afford to purchase in this area as the payments are over 6k/mo for buying vs 3-4k/mo for renting.Any advice is most appreciated!

I won't feel good until I hit 100 and so far I have 25.

They may feel a sense of entitlement, and they may not even be good renters.Unless this is some unique situation like a ranch that requires special skills to maintain the property, I recommend you remove the caretaker, spruce the place up, and put it on the market at market rates.I also recommend you look for a professional property manager that can help you navigate this immediately.

Attend your local REI meetups to build up a strong network and feel free to reach out and connect with everyone in the community.