I could put a mortgage on the property, I was quoted 60% LTV with 8% rate amortized over 15 years.

Rate caps are around 5-6 for 4-plexes in decent areas. 

Domicile: WA State (income tax free)Property location (Texas): (income tax free)LT gains + Depreciation recapture ~ $300k on a $500k income property ~effective / average tax rate = 12% for past umpteen yrs (relatively low income, avoiding IRMAA and doing Roth rolls (no 'realized' income, just transferring from tIRA to Roth = vast majority of annual MAGI income)In the end (coming soon, ~17 yrs) ALL remaining estate will go to charities / Charitable Foundation / DAF.

She still left a one star review and airbnb refuses to remove it because it was her "experience" at my property even though I dont have a single other rating out of 30 thats below a 5.Anyways does anyone have recommendations for better alternatives?

I agree.I don't think the golf simulator will guarantee you extra income, bit the ADU would get rate extra cash.

It's important to note that Detroit may have higher vacancy rates and lower demand, which could impact rental income and property values.

Interest rate, even if this is a cash deal?  

Not sure what the going rate is.

At any rate, thank you for the info.

Good news is rates are starting to trend down and property values are still growing.The cash out can serve two puposes it can help pay off some high interest credit cards and be used for a down payment.