.)- All in Cost = Cost to build * Square foot  - Sales Price = All in Cost + (All in cost * 20%)* Covers contractor and soft cost on either fee based or cost+- Profit = (Sales price - (Sales Price * 7%))* - All in Cost   accounts for agent fees and closing cost- Initial List Price = Sales price + 10%      A buffer to test market absorption- Break Even being All in cost, point where everyone is paid except me. - List price is to test the market absorption at "x" price. 250k land + build.

that will not cash flow - you won't be generating "cash flow" from the property that will go beyond servicing the debt and allow you to pay down any principal. 

It’s fantastic that you’re diving into real estate investing.. especially multifamily properties, which can be a powerful way to build wealth and generate consistent cash flow.

I like the idea of STR as it seems like it can generate significantly more income than LTR and would allow me to block out dates if I have friends or family come visit.

I do appreciate generating attention to the post for guys that might have some advice that isn't the obvious.

If you kept the property, and accumulated the CF/yr, it would take you 25 years to get that same equity that's sitting, frozen in your property.Also, if you cashed out and used that same equity as a DP on different RE, at 20% DP, that equity would buy you $2M in PV, not just $700k,...and, I'd be willing to bet, you could find new RE that would have a yearly CF well over $20k/year.On top of that (remembering my initial statement above), any appreciation applied would be applied to $2M, not just $700k. 

Quote from @Jin Zhang: You initiate the process by filing a 3-day Notice.

So the lower the interest rate on the subject to loan, and the higher the prevailing rate, the more chance that a lender will initiate action.   

If not, understand the risk of taking equity to generate more equity based off your ROI.

By the way if I see the same proposition that was previously on the ballot and got struck down, I automatically vote against it on principle regardless of how I voted for it when it was initially on the ballot.