If your goal is to maximize cash flow, look for properties where you can live in one unit and rent the others at market rates.

Wisconsin has a 21 day timeline for landlords to account for any damages and refund the deposit, so if your State is similar, could also remind the seller of those statutes and that you can't just ignore these funds (like pro rating any rent the month of closing where you should be entitled to the portion from closing to the end of the month)

Especially when considering the tax implications, current interest rates, and if you don't have another purchase lined up.Happy to send you an analysis and proforma for your properties as they stand right now, kindly reach out anytime. 

Super low vacancy rates in SD, even STR's. 

RE is generally taxed at the most favorable tax rates.

However, if the FHA interest rate is lower, I would still go that route and if rates drop refinance  however keep in mind FHA has PMI for life  Here you go

The property requires a good/great value add to be a profitable investment (ideally one that can raise rents 50% or more) or interest rates to fall significantly.best wishes

So, what is happening today is not as important as what will happen in the foreseeable future.If rents are increasing faster than inflation (I use 5% per year as an average rate), then it may be worth holding the property, since your cash flow will increase as rents rise.However, in your post you stated, "Mortgage rates have kept increasing as well, that's why I put a range on negative cash flow."

(Not being a vet I’m not sure of the interest rate difference but know that the 3.5% down FHA is often worse than a conventional 5% down.).

my experience has been (1) I can obtain the same rental rate for a 6 month lease that I can for a 60 day “stay” if FULLY furnished (2) some of these 6 month rental turn into 2 years or more.