Alternatively, should I wait for better rates before making any moves?

Surveys are my area of expertise ;)Ultimately, I tend to agree with you that allowing pets, with specific guidelines and screening criteria for good pet owners, will often yield greater occupancy thus allowing you to increase rates.

By the time they finish building it anyways the property values will have likely doubled at the rate we are going down here... and a new vacation home is never a bad thing lol

You woul get signiture loans from banks for half the rate from that credit card.

I have a very good interest rate and will most likely take out a HELOC out to finance a rehab rental.

Now receiving an infinite return rate.

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Just as you said Arsen, that meant a higher mortgage payment, and when rent rates dropped I was not payment $3,500 out of pocket every month to cover the difference between mortgage payment and rental payments.  

I will say though we kind of built the right product for this market cycle.. big single levels with 3 car garages catering to the empty nester and down sizer we get buyers coming in off their small oregon hobby farm .. our first time move up buyer did slow a ton but we have sold to families as well just not like it was pre interest rate spike.. our other folks are either paying cash or borrowing very little so interest rates are not affecting them.

Interest income from lending is taxed at your ordinary income rate.