—as security for a loan, the borrower has a contingent liability.The lender is not required to include this contingent liability as part of the borrower’s recurring monthly debt obligations provided the lender obtains a copy of the applicable loan instrument that shows the borrower’s financial asset as collateral for the loan.

I would use the BP rental calculator for obtaining a more accurate analysis.

I am getting ready to refinance and my main objective is to obtain a lower interest rate, thus lower my payments. 

We've decided to obtain a Homeowners policy.  

The deal will also need to cover DSCR (if it doesn't, try getting the Seller to carry the 2nd where interest accumulates with no payments due until a balloon payment date in the future; be careful, know you have an exit when it balloons).My interpretation is that @Eric Schleif is looking at this from the perspective of a CRE lender whose job it is to obtain the very best financing package for his clients. 

Glad to have found this place and hoping to obtain the correct information for some creative approaches to my project!  

(Maybe you have a partner or spouse which you could make the partner)Another thing to consider is many folks will buy a name in their personal name to obtain the conventional investment loan financing terms which are typically going to be your best terms.

So when someone spouts off a "number" ask to see the math.There is a valid reason why commercial investors are willing to pay thousands of dollars to obtain correct cap rate information.

What would be the best way for them to obtain financing for this and is it possible?

If you are thinking seriously about a particular investment (which in this case you are) you would want to dive deeper to obtain more realistic cost estimates for running the property.