I would simply refi current balance to reduce payment and knock off PMI.

First is if the sponsor accepts commitments but only calls for portions of the capital while acquisitions are made, which results in you holding idle capital and reduces your return.  

Thank you all in advance for those “lessons learned.”David - I never purchase the land until I get all of the entitlements and permits and hi Ty the purchase price of the land to the density granted so if you get less than you’re looking for you can reduce the purchase price.Also I begin with the end game in mind and make sure that I have Builders lined up ready to take down the lights when I’m finished so I know what my profit is in advance.If I’m building the houses and developing the land I make sure the market can absorb the inventory at the price point I am projecting and I work everything backwards from there. 

Private & Hard Money Lenders provide 80% of the Purchase Price on rental properties with FICO over 700 - the LTV reduces the lower the FICO score is - for Fix & Flips they provide 90% PP 100% Rehab

But if air travel is reduced and occupancy falls in hotels, we can expect prices to fall across the breadth of the market, including short term rentals.

From there, just go the next portfolio loan, with a different investor, and away you go. 5) Refinance some of your rentals onto a commercial blanket loan that doesn't require a personal guarantee and reduce the amount of personally financed properties so you can continue to get conventional loans from there. 

After the inspection of the complex I  was able to get the seller to reduce the amount an additional $25,000 yesterday so the new purchase price would be $350,000 with me paying all the closing costs.

If the Fed increases or reduces the interest at that time, it will be just one small thing In the middle of many other forces into play.

I think the intent of the "two person per bedroom" policy is probably to do something that is humane to address that problem and reduce the liability of the landlord. 

For 70k I'd take a hard look at reducing it down to 2 units!