:)Cap rate: yes, I'd like to be in the 9-10% range, but what I'm seeing around here for ~10% cap rate props is shorter lease terms.

If are looking for a smaller amount for a shorter term then I’d lean heloc.

As long as your income is less than 150k -you can also itemize the depreciation of the flooring, appliances etc. for those unIts yoI do not occupy over a shorter period of time than 27.5 years -you can write off the cost of improvements to the units in which you do not occupy NOT Occupied Rental Property--you can write off the interest and property tax to lower your overall income to a lower tax bracket.

Longer story shorter, they signed a new lease at a higher rent when the time came. 

The shorter term option is probably better if there is little potential for appreciation. 

Or is it in fact a shorter, 5 year, hold and flip before expences increase. 

Shorter loan terms and lower LTVs have lower annual MIP. 

A limited condo review usually only requires a shorter questionnaire and usually none of the other supporting documentation. 

I like to be flexible, but when I'm flexible I ask for more up front and do shorter lease terms.

Also,  I stipulated I would only accept lease of 1 year...nothing shorter or longer as I'm contemplating change in plans for the property after one year.