I would talk to your CPA first.I have bought at year end to decrease my liability and or increase my passive loss from year to year..

Or is the rental season very limited?  

Due to heloc and high HOA, renting out at $1,500 would result in a loss.

For example very specialized TI work specific to the tenant could limit the potential future tenant pool for a building and therefore increase the cap rate whereas generic office space closer to "market standard" may decrease the cap rate.I also agree with @Peter Bowen, the actual cap rate for the building will be set by the market.

Hi Lorenz,A limited cash out refinance into two 30 year terms might benefit you, however make sure to consider closing costs with this type of transaction.

Plus the limited rental options make 11 seem low a little. 

If not, you have a responsibility to attempt to limit your damages, which means showing the place right away.

I would recommend a debt collection/creditor's rights lawyer who has familiarity with the limitations of a Chapter 13 bankruptcy and how you need to petition the court to get paid.

He also said Fannie and Freddie limit to 10 properties.  

By doing this, I make sure I'm never taking a loss on the turnover since the guest covers it.Our units are mostly 2 bedrooms, which have done well.