Definitely a strong location with great visibility and high foot traffic.Since it’s a NNN,  your expenses are minimal, but if LazyDog ever exits, buildout costs will depend on lease terms and the next tenant.

20% is not high for managing a STR.

But the mortgage is still too high. 

I'm working with a company who owns a small, 19 unit, senior and low income apartment building.

I felt like I needed to "graduate" and we spent some time looking at medium size apartment buildings. 

Wade returns for non performing notes has tightened and is now in high teens low 20's.

@Robert Brock, I guess my advice is not really any different than I would say to someone wanting to be a residential wholesaler: you need to add value to the transaction.Often times, having the deal tied up is the value, but more often then not, in my limited experience with commercial wholesalers and residential, the wholesaler has no idea what someone will actually pay, so they tie up a deal at too high a price and then add their fee that turns a bad investment into a horrible investment. 

another issue it is about 18 months wait to get a Cabin started due to high demand for builder.  

I have experience in single family fix and flip, 1-4 family rentals, small apartments (10-30 unit), 100+ unit apartments, development, commercial retail, industrial and office.

And your net worth will thank you.If you still want to go ahead, you'd be better off buying a house than an apartment because, while the value of the building itself will go to 0, you'll still have the value of the land, bearing in mind that the land might actually lose value too given the depopulation and the yen depreciation.Sorry if I'm pooping a party but make sure you understand what you're getting into (which you're already doing by asking the forum) and then make the decision that's right for you according to your objectives.