The interest rate ended up at 9.3% with a 9 month term, interest only payments.

I use the term notice of interest, but it's essentially a lien against the property that is based on how much we essentially lent the homeowner to renovate the home.

So, you should reach out to some local land banks in your area (google search that term specifically) and see if any of them offer cash out loans on land. 

To me, it's like Airbnb arbitrage, but for mid-term rentals.

If the tenancy is a specified lease term under a written agreement, and the lease term has not yet expired, you cannot impose a rent increase during the term, unless the lease agreements provides that you may do so. 

But If you looking for a long term SFR rental (3/2/2) you will have to spend anywhere from +$350K to find a move in ready rental in Plano.

In terms of areas, I would look west towards Bellevue, Pegram, Dickson.

HI Shana,It really comes down to what your long term goal on investing real estate.

Our plan is to hold the house 5 years + until the market comes back, or possibly just holding it long term. 

Right now I am trying to stress to everyone that they need to be able to afford a property based on the long term rental potential even if the plan is to use it as a STR.