The projected cap rate is 11%-12% which is not bad at all, especially considering that once the remodels are complete, rents will more than double.

., the interest rates are too high and that seems a last resort.I would like to find a partner to buy half the house/blue sky and run the rental business with me (spouse will be removed and sign off), either as an active or silent partner, I’m flexible on how involved someone wants to be.

DSCR cash out is probably going to give you the best rates and lowest fees compared to a Fannie Mae or Freddie Mac investment property loan.  

Talk to local investors (someone unbiased, not an agent or wholesaler) and experienced property management companies who will let you know rental rates for different areas, tenant base, etc.  

That's between a 6.5% and 7% cap rate.

I have a higher nightly rate because I can sleep more people, my taxes and insurance are higher.  

What makes people prefer airbnb than hotel these days, especially the rate of hotels are relatively competitive (airbnb becomes more expensive than it used to be), i.e. is it still a viable business for the most part? 

Until now, I haven't thought about how to handle it if not all of the applicants meet my minimum credit score.

Then rent it to a qualified applicant willing to pay market rates.

So far, I acquired 4 properties and hold 1 for rentals made 150k equity and $400 per month cashflow with 7.25 interest rate.