*Commercial side of banks and some Credit Unions service their own originations and allow NOO collateral.

If you go with Ownerrez then pay for the ProConnect service. 

Any time you pay all cash you can take out 80% of the purchase price plus any renovation or repair costs with no wait, No title seasoning.DSCR is good for up to 75% but the Prepayment penalties are horrific!

You can usually stretch it another 3-5 years with some selective repairs.

no walls were torn down, no new kitchens or baths installed, 2 had no new floor coverings installed all 3 had recent new electrical service. 

I wish you all the best.Hamp,Thank you for your service and congrats on your upcoming retirement!

We are now producing over $200k year gross income with $83k debt service.

you should get a RMLO or an underwriter to qualify the borrower. if its owner occupied and in florida you also will need to use a third party servicing company to service the loan which will run you around $450/yr. not an accountant but its my understnding unfortunately the interest income is going to be taxed at ordinary income and the principal will reduce the principal. how you offset the losses talk to your CPA.your best bet honestly is to just sell it and bite the bullet. 

Many would consider providing housing a SERVICE.

Ask questions and learn as much as you can to figure out your best path forward.Thanks for your service!