I am interested in applying for government grants to invest into multifamily units for government housing.

Many of my clients have found that rather than investing in one vacation rental in one place they have more fun simply buying in the LTR sector. 

I would also shop with a local mortgage broker as currently United Wholesale Mortgage is running a 125 bps special on Government refinances through the end of September meaning if you did go FHA streamline then you should be getting a rate of around 5% (borrower paid)4) If you havent asked, at 700K+ loan tell your lender you want to go Borrower Paid and you expect them to only charge a 1% origination charge fee.

Many lenders do not offer conventional / government loan terms in Puerto Rico to borrowers.

However we've been hearing a lot about how lucrative Airbnb and 30+ day rentals are, even to businesses/government agencies/etc. so are looking to connect with someone in that space. 

Liquidating these to focus heavily on real estate removes this safety net and exposes you to sector-specific risks.

Also, this is a pretty comprehensive book on the subject: https://www.amazon.com/Subsidized-Comprehensive-Government-F...

Mortgage rates declined to their lowest levels in over a year, a sample of more than a dozen industry professionals said they were quoting most borrowers in the high 5% to low 6% range on government loans and in the mid-6% range for conventional mortgages.

So make sure the reasons aren’t protected reasons and be prepared to defend those reasons to the government. 

So as far as I am concerned, I can only speak to the rehab part, it is a little off or light, also it may be that I come from commercial/government construction sector, so that might affect my opinion.