If that is the case, you will most likely have to use more of an “investor” loan product, which will have a higher rate associated with it. 

The decision of converting parcels sounds like it would depend on what kind of parcels are there in the neighborhood.

I might start by calling  my insurance agent and asking how this will affect my culpability, not to mention rates.

Right now I know the interest rate is high and all.

How is your occupancy rate?

Depending on their level of certification / registration, they have a true fiduciary duty that they are required to disclose to you exactly how they are getting compensated - including if they are getting commissions on any of the products. 

At the end, subtract the mortgage payment and cap ex reserve (depends on age of the property, but 2.5-10% of gross rent received) and arrive at cash flow.

Most of my clients have rates in the 4-7% range, some with interest only.

I’d love to hear who you’ve used in similar situations, or what sort of rates and terms could be expected.

Expect a higher rate and/or fees with these types of programs.