I am offering 15% interest on the initial investment plus 40% ROI after a six-month grace period.

If those were also initially funded with debt like a HELOC, then it would also qualify as replacement debt. - If you just personally paid for the renovations then the interest won't be deductible because "paying yourself back" doesn't qualify. 

From the time I started the initial consultation, Tommy was very helpful to provide all the information I needed to have before making my decision to go forward with the rental property.

Even if I was told no initially I would still lean in that direction.

There is no doubt that the markets you listed will have better initial cash flow. 

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Quote from @Chris Ganz: @Charles Carillo after the initial lease which was a yearly one was up, I switched it over to a month-to-month.

Yes, the initial plan was to purchase a single-family home, renovate it, expand, and live in it.

Initial negative equity position is $50k. $50k / $250 (cash flow) = 200 months (16 years) to recover the negative position.  

After which they invested $190k for $10800/year return or 5.6% (not even discounting for the 2.5 years to recover the initial negative equity).