You can purchase this with a low-money-down FHA loan. 

Cost of Borrowing: Compare the interest rates and fees associated with a HELOC or cash-out refinance to the hard money loans you’ve been using.

As more people placed more properties in STR inventory, and as more municipalities taxed and regulated the industry, the profitability of the overall industry has reverted to a much more aligned (lower) risk adjusted return.  

Even if you break even, you will lose money every month it sits vacant, when you need repairs, property management, etc.

You can attend all the REIAs and read all the books and sign up for all the conferences, and spend all the money, and you are will never really know you can do it until you do.Over 20 years in real estate in various forms and roles, action will beat out intelligence or education or even network 100% of the time.  

Engaging does not make you money.

You are right about high risk of default.

Manage the entire P&L for your clients as if it's your own money.4.

how much land and how much money do you have?

It  really depends on your level of risk.