This is a lofty goal so are more than happy to settle on the 8-8.5 range if there is some upside for rent boost and expense management, etc.

That strength or lack there of will have some influence over all of this and might even provide a means for him to refinance.  

Senate – HousingWireSingle-family rental REITs playing key role in boosting housing supply and allowing families to live in neighborhoods otherwise not accessible – Nareit

I didn't have time to read all of the pages of replies so forgive me if this was brought up already.the beauty of real estate is leverage, which boosts your returns. how much $ did you buy this home out of pocket?

Your $50k is giving you access and influence on a deal over someone with $20k. 

One of the attractions, Oklahoma River Sports is a state of the art $45 million whitewater rafting and kayaking center that opened in 2016 and is home to the US Olympic kayak and canoe team.4.Oklahoma City is consistently voted one of the most affordable places to rent in the country, as well as one of the best places to invest in real estate.5.Studies have shown that millennials are flocking to Oklahoma City.Oklahoma City was voted among the top 10 cities that are attracting millennials as well as the 7th best cities to start a career.Millennials are adults age 20-35 years of age.Studies show that millennials boost economies.6.Oklahoma City has received numerous awards such as:a.2017-Top-10 major markets for housing affordability(Demographia)b.2017- Top 10 US cities where everyone wants to live (Business Insider)c.d.2016-Top-10 among large cities for recession recovery (WalletHub)e.2016-Top Metros for wage growth over the past decade (Forbes)f.2014- 1st in best city to start a business in (Kiplingers)g.2016-Best cities for workforce (Global Trade)h.2016 -among the top cities rebounding from the recession (CNBC)i.2016-ranked number 1 for quality of life (Business Facilities)j.2016 ranks number 1 for Women entrepreneurs (Merchant Cash USA)k.2016 ranked number 8 for millennial home population(Smart Assett)l.2016-Best bang for your buck housing market (Angie’s List)m.USA Today Reported,” Since 1999 the number of Californians departing the Golden State for Oklahoma has outnumbered those going the opposite direction by more than 21,000….The influx of Californians is a sign of Oklahoma’s growing economicprowess.”

Finally, HOA costs are not a direct impact on housing costs, but they DO influence buyer's choice of housing purchase and price.

Other elements: impact/shutters/panels or nothing for storm protection will greatly influence your insurance.

This will influence the amount of lenders you speak to that will be willing to help you.A bridge loan interest only(12-18 months) would the way to go.

The one way to boost the cash flow is thru STRs.