Sarasota - Getting into a Midterm Rental with Interest Rates that high?

[Pat Leri]

Need some real estate fellow feedback on a 100% investment condo:

I made a downpayment on a condo in downtown Sarasota 2 years ago (2022). It was going to be a new build. They are ready now with the CO's.

But the market has shifted ever since. The value of the condo went up (that's good), but the rental situation in Sarasota went down.

Long story short, I can hardly make the mortgage with the forecasted rental income for a midterm. (my mortgage will be around 8%)

The unit has a min. 3 months rental as per HOA, which is still with the developers on the board.

At this point, I see only 3 options

1) assign the contract to someone else, meaning sell the apartment (but I will need approval from the developer)

2) talk to the developer and ask for a minimum one-week rental (Min City Regulation) at least for the 1st year to get over the bad time.

3) to just go ahead and purchase the apartment and suck up any loss I might make and try to get in refinanced as soon as possible with a lower interest rate.

What are your thoughts? Any other way I can take it?