I would think if you're in the U.P. there is some flexibility.

No Office ConstraintsAlong with the freedom of a flexible schedule, property investors enjoy leaving behind the constraints of an office job.

The fact that you're flexible in location definitely helps - as the numbers will look completely different from city to city.

If you file your second mortgage with the county and want to refinance the property later, you lose flexibility because your note would have to be satisfied to close a refinance. 

Generally speaking, you'll get a higher interest rate and more flexibility with a HELOC.With a HELOC, you pay little or nothing up front and can borrow or repay whenever you want, up to the limit.

Have not received a loan from them, but went through the first steps of the process and they were extremely flexible and understanding. 

Of course being reasonable and flexible will go along way and if an occasional situation where a friends sleeps over for two nights because of some issue or something, I wouldn't make a big deal about it.

The DST structure will less flexible in terms of hold periods. 

But not trips back home.If you have a home office which is your principal place of business, you have more flexibility.

@Chandler WoodleyIt sounds like the property has not been placed in service.If it has been placed in service, and I encourage you to talk to your CPA about when you can put rental real estate into service, your ability to "write off" items incurred becomes a lot more flexible."