Short Term Rental Financing Options

[Ben S.]

Hello Everyone,

Several years ago we redeveloped a vacant building into eight for sale condominiums.  We sold all of the units but decided to keep one just for fun.  We have been renting this out as a short term rental on Air BNB which has covered costs, but we have a somewhat unfavorable debt structure on it that limits our ability to cash flow and/or extract equity from the asset.  Rather than just sell it (which we would consider) I would love to get some new debt in place that would allow for some level of cash out and then hold it from there.  Any input is appreciated - - we primarily acquire mid-sized apartment buildings so this is a bit out of our typical strike zone.  Here is a link to a listing for the property which has photos and other details: 

457 E Milwaukee St, Detroit, MI 48202 | MLS #2200098822 | Zillow