Rates on properties like this can be around 6-7% without buy down, but some lenders even offer 5 or 10 year I/O options to help offset costs and get improvements and cash flows up before paying the fully amortized payments.Cheers!

They are typically 30 year amortizing with I/O payment options for the first few years.

@Greg Scott the point is to maximize cash flow with IO product and then refi or covert to a fix X years term.

P-E-R-I-O-D. 

Here's what the credit union offered me for an IO HELOC: "Your Home Equity Line of Credit (HELOC) has been pre-approved for $135,000.00 at a variable interestrate of 6.00%.

Some of my photos include launches or the Space Center, and I have goofy write up material such as “There is a lot of activity at the Space Coast Launch Pad as we prepare for your arrival…” and I give directions on what to do upon “re-entry” such as take out the trash.  

If you have I/O at 7%, the same monthly payment would be equal to about 6% interest on a 30 year amortization, so the difference isn't huge.

I've done them where they have been established to go the full 30, but in two 15 year IO contracts with the full amount due at the end of 30 years ...maybe.

I've got a few that are still in the high 3's with I/O options. 

FL, NY, MD, CA, VA, NJ, Horizon Bank, Kalamazoo MIHuntington MI 75% LTV 5 yr IO product available.