At current interest rates, the new mortgage would be more than our current home to move into this smaller house.

I'm pretty sure that the cost to get this done is not cheap!

However when he retires and I need a new manager, is there someone who may work for 5% or flat rates when he needs to meet with me or tenants,  and be a part time manager as I have decribed above?

They may want to come back and settle with you, to take it off their credit rating. 

But I think this is just the running rate.

Brian,I am a but and hold investor (central ma) who built a portfolio on prices and interest rates of the past.  

You might have to lower your cap rate expectations in the short term, but it's worth it for better long-term gains.

@Joseph Chiofalo has some great nationwide STR investment loan products and fixed rate second/Helocs for investors loans clients tapped into recently. 

I got a 4.75 rate 30 year fixed on an asset based loan in PCB, Fl.

G'Day guys,Lately, I've been super duper pissed off with our investors that I decided to keep all of the deals for myself 🤷‍♂️I've always preached that there is not a single deal that we sell that I wouldn't be willing to keep for myself.So there's that lolJust picked up a 6 unit which us humble Ohio folk would consider an A class area (Sorry East and West Coasts as our A class is your Z Class lol)$160,000 purchase price$50,000 rehabCurrent rents are $3,000 per monthOptimized rents will be $4,000 per month.BPO before purchase $220,000 - $250,000ARV $350,000ARV with interest rates at 6% potentially $400,000+Cashflow = S#%$ load $$$Granted, it took 4 months to get the contract signed and we had to go to McDonalds 4 times to meet with the seller so sign each page individually single time lolYep, it was one of those.All in all, great deal and they are definitely out there.Working on another one now that will be converted into a duplex and is located in a top notch school district.Somehow picked this one up for $20,000 and needs $45,000 in rehab.ARV is $110,000 conservatively Combined rents will be $1,300pm.Ohhh yeah, almost forgot.Also, picked up a SFH from a wholesaler believe it or not for $20,000 that after inspection needs around $15,000 in rehab.ARV all day long is $80,000.Says WHO there aren't any good deals???