Hi Joel, if a conventional refinance is not an option there may be a less than 1.00 ratio DSCR product that would work.

Generally STR's make more, but if you run your numbers and it comes back similar to your LTR numbers, I'd go with a long-term tenant for stability and less work. 

This is great work here.

One thing I have experienced is tradespeople way overcharging and doing shoddy work.

Quality absolutely matters in purchase transactions, and cheapest isnt alwasy best.Last point, a good lender will take time to understand your situation and goals and will work with you to identify a strategy and timeline using your available options.

My question is: what are people currently investing in that works for them under these market conditions? 

It is important that you hire professionals who have experience working with foreign investors.

Balance: $26K  2/1 990 sqft 0.5 acre. 

Property needs 84k worth of renovation work to make new with an ARV of 215k.

You'll need to do 1 of 2 things typically 1) Create a targeted marketing campaign to find the properties2) Hire real estate professionals that work in this sector of the market.