They could self manage for several years, using the rental income, until the next phase of their retirement.If they have a decent amount of financial discipline, they may want to get a HELOC now before they build to get the most favorable rate.

A mix of short- and long-term strategies could hedge against market shifts.Borrowing allows you to scale faster, especially if you can secure favorable terms.

Additionally, in my market, a lot of these properties are located in areas where price-to-rent ratios are extremely favorable.

These are great places to invest where prices and rents are favorable as well as the landlord laws. 

If you are not already working with a realtor that is well versed in STR and knows ALL of the requirements for STR, do yourself a favor and reach out to @Josh Green.

Do yourself and your investors a favor--don't raise money from people and buy an apartment building right now. 

My strategy would then be to lease at least two of the renovated units, increasing occupancy to 90%, which could improve the chances of securing favorable terms for refinancing.I haven't pitched it to the seller yet.

Even though it's tough, you'll get stronger and smarter than those sitting on the beach waiting for the tides to turn in their favor.

I agree that the algorithms favor most favorable nation pricing.  

Also if it's for a BRRRR, it can change the economics on the back end in your favor.