Second, if this relative has any other close family, prepare to be accused of "taking advantage of sweet old Aunt Sally," if not now, then a few years down the road. 

While multi family and new built luxury high rises might be going down it does not appear to affect more desirable properties that offer more space, amenities, better locations.I am in South East in a desirable area.What is your take on rental outlook?

We have a single-family long-term rental in Port Charlotte that we'd like to keep the current mortgage rate, but we do have some equity we'd like to have access to. 

Single family?

I found a multi family that’s within my budget but in the remarks it’s said to be a tear down and there’s a tenant who is still living there.

The person living there was asked to stay by the deceased family member who left us the home.

Hey Chris,Yeah, it's going to vary pretty widely by group, and even internally within a lender their programs will vary based on the committed square footage that is committed to residential v. commercial.You will also likely find variance depending on where the property is located and the active tenant situation.

I would suggest getting someone very familiar with the area and not think its a good deal just because its a brand new build. this is why I suggest Build to rent buyers around the country look at least at multiple unit dwellings. the majority of investors are buying single family homes where the rents don't even meet the 1% rule. we build infill triplexes in columbus that meet these ratios and are well locate in the urban core. you have to find an operator that does what you want. sorry to hear about your issues Chris 

Single Family rent in Austin is currently Flat YOY (down 0.05%) How are you keeping your investments afloat in this market?

Welcome to the BP family @Nathan Pethers , you came to the right place to learn all about real estate investing!