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.

A primary residence on a 15yr mortgage with a 3.1% int rate... a comfortable payment.

Talk to local investors (someone unbiased, not an agent or wholesaler) and experienced property management companies who will let you know rental rates for different areas, tenant base, etc.  

So far, I acquired 4 properties and hold 1 for rentals made 150k equity and $400 per month cashflow with 7.25 interest rate.

I have a higher nightly rate because I can sleep more people, my taxes and insurance are higher.