STR opportunity but some obstacles

[Joe Dvorak]

Hi,

I'm looking for some creative ideas for our current situation. My partner's family owns an STR, free and clear, worth between 1.8-2 million in a popular vacation destination. The property is owned by her mother and her mother's 3 siblings. They have been long-distance self-managing but it seems like they haven't been able to fully optimize the rental income. The 3 siblings would like to sell the property and walk away but my partner and her sister would like to try to keep the STR in the family and take over ownership from their Aunts and Uncles. They don't have the funds to buy them out currently so we are trying to come up with some possible solutions.

What are some creative ways to go about this?

Cash-out refinance a large chunk but leave enough equity so the property stays profitable as an Airbnb? Then use Airbnb profits to pay off any remaining investments over a short-term period (3-5 years)

Take out a separate mortgage and buy the family out?

Use a private lender?

Am I missing something?

Thanks for the help!

Joe