Getting a loan to payoff another loan with a lower interest rate doesn't make any sense. we do private lending and can get double digits returns consistently.

I used to live in the lower mainland but invested where the numbers work like Vancouver Island or Northern BC.

The Heloc can also pose as a debt obstacle since its an open end mortgage a.k.a credit card.a mortgage is also set up over 30 years so it offers a lower rate and payment. 

Typically, higher income areas have lower crime, more amenities, better schools.  

The more hands off you get, the lower the returns.

As for by-the-room rentals, many lenders won't allow that and if they do, they qualify you off of the long term market rents (which, as I'm sure you can imagine, would be considerably lower than the actual per-room rents).

If your current lender is open to restructuring, you could negotiate better terms (lower rate or extended term).

The importance of lowering expenses and increasing efficiency to maximize property income.

I can accept a lower return but meeting some time commitments and returm commitments is paramount.

So when I get multiple bids and one is significantly lower, I don't think of them as a deal.