Raise the value, early and often and become well paid for it. 

Continue to look for partners to work on locking in a profitable STR deal or learn more about propetry managment to raise funds before going into investing?

You can do a 6 or 9 month lease to then raise rents when demand is back up. 

If you raise the death benefit, you will increase the internal costs and the ratio will decrease. 

Especially since doing so could be seen as discriminatory by the state, as others have observed.If this applicant meets your rental criteria, but you are still not comfortable with the application, then I would suggest raising the bar on your rental criteria. 

Mason is right I have done the exact same thing and was able to raise section 8 rents on 2 units from 850 and 950 to 1075 on both with a phone call to the local housing authority office and with minimal increase to the tenant's portion of rent

It seems like the only way to turn down all of my expenses is by refinancing in a couple of years and getting rid of the PMI which would probably happen after 8-11 years, or raising rent once in a while. 

If it is an existing complex, try to see if you can renovate the majority of the building or raise rents but I would use leverage since I believe a refi boom could occur at the end of 2023 or beginning of 2024. 

I think you should raise rent without guilt, even if the persons family is not a millionaire.

Here's the story:I own 1/2 of a duplex that is my family's home, where I raised my boys for the past 20 years.