I’ll have to learn and explore more about how to become accredited.

Any other avenues I should explore?

Hey everyone, I've got a contact looking to move his company's office and family to Puerto Rico.Personally he's looking for a house to rent or buy in San Juan or Are de Guaynabo.His company already has offices in Bayamon but he'd like to explore the idea of selling the building and renting. 

I’d talk to an experienced local well service professional and explore all the options, hopefully you can avoid the expense of a whole new well.

I use both as a RE investor between commercial and residential as both can be used on 1-4 unit properties (non owner/investment occupancy).The pro's of commercial/portfolio financing from local credit unions and community banks are that you can:- talk to a local banker/lender who is interested in building a relationship with you over time and is flexible to make a loan as long as its financially prudent and you show a track record- ability to build a track record with- less documentation scrutiny than a fannie/freddie conventional loan which is more ridged because it needs to be sold to the secondary market so all boxes must be checked to do so (otherwise the loan is unsellable or undeliverable)- is cashflow based via debt coverage ratio or DCR method of qualification (Net operating income / debt service) - can fund to LLC's, entities, and businesses with personal guarantee (PG) usually- can do unique loans like cross collateral or blanket notes across an entire portfolio, can do rehab/construction + permanent financing into one (one time close products), can do soft liens and releasable upon progress on your projects so you can leverage equity with temporarily encumbrances, unique disbursements on credit facilities,etc Hope that helped compare the cash out options.

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Another way of asking is: is underwriting an exact science or is there some level of uniqueness that each underwriter brings to the table? 

As with everything, I would still advise folks to talk to their own insurance professional for guidance, but short term condos have unique coverage needs that can’t always be met with a business policy.

Like someone suggested, I need to take a few weeks and explore the state.

A land contract is a quite unique vehicle, so I am not sure if the lender is technically even looking at it as a re-fi or as a purchase loan.