The houses are sold very cheap, however to fix them up, you are usually investing about $30k-$100k to make them livable. 

@Troy Gandee I’ve been to Edisto and remember how cheap it was a few years ago.

If you aren’t saving the money up to buy another property chances are nothing will pay a higher rate than paying it towards your mortgage.

If the cash-out refinance option isn’t providing enough liquidity, you could also consider a hard money loan, though these tend to come with higher interest rates and shorter terms.

I wanted to help them out and minimize their loss and saw an opportunity to get a property slightly below market because of my commission savings, immediate mortgage and maintenance relief, in addition to keeping a lower short term interest rate How did you find this deal and how did you negotiate it?

For the most part, due to interest rates, breaking the 1% cap rate still won't provide positive return after expenses.

If it's already turnkey that means you're paying higher rates than necessary when you could put 20% down and get a DSCR loan with lower rates and fees. 

@Ed Lopez our thoughts:1) $65 is average hourly rate for handyman in Metro Detroit.

New-home sales hit a seasonally adjusted annual rate of 698,000.

I wanted to help them out and minimize their loss and saw an opportunity to get a property slightly below market because of my commission savings, immediate mortgage and maintenance relief, in addition to keeping a lower short term interest rate How did you find this deal and how did you negotiate it?