When you are in a condo you have more variability from the condo association that you can't control. 

Hi @Aaron Jones,Here it is, directly from Fannie Mae (which for the record is not "the government" in the way you are thinking):Variable IncomeAll income that is calculated by an averaging method must be reviewed to assess the borrower’s history of receipt, the frequency of payment, and the trending of the amount of income being received.

Local bank.  5.38% variable loan amortized over 25 years.  

Of course that monthly mortgage check that I cut to the bank does make me reminisce about that paltry rent check I used to give my landlord every month...Unfortunately, there are just too many variables to say that one decision is better than another.

Refinance into a conventional mortgage (Variable down, Interest rates up to 10%, harder to qualify for, lots of red tape) for a percentage of the ARV, the difference between the total cost for the HML and the dollar amount that percentage represents is what you get back in cash.

I feel that most appraisers aren't subject to subjective variables such as season, as well. 

I understand your enthusiasm to jump into RE in the USA, but from reading your post I think  there are really alot of variables you have to understand when coming to I invest long distance. 

I'm attempting to run my numbers with the variable of raising rent each year.

The HELOC is at a 6.78% variable rate right now and I believe I could pay it off within a year.

LTV was about 70% if I remember correctly and interest was actually higher and variable.