You do have other options.

So I have a non-primary house that is valued at $220k on Zillow (just a reference point), what options do I have to finance around 100k out of it to renovate the house?

Sharing an article I published here on BiggerPockets last year related to this topic on all about the financing options / qualifications / underwriting for STR income in case it helps you!

Either way, I'm glad it's being more recognized as a good housing option. 

Not saying it's not possible or profitable in the rest of the city, simply the multi unit option and 0% vacancy from the university makes it a great option.

Constructing an IRR timeline on both options using the timeframe you decide on will help you visualize the better yielding investment.

If you are looking to refinance with a rate and term or non-qm option you may be looking at around 6 month season.

I’m from Idaho but have just started considering similar investment options in the Detroit area.

I am curious how you landed on Michael Blank's vs all the other options?

I am wondering what my options are to turn these properties around.