I'm thinking that this would also be a good time for me to add another property to my STR portfolio because I think prices will be more competitive once the transaction volume increases.

My guess in many situations on probates is that you might have less competition.   

I then proceeded to dump a ton of money into capital improvements in order to make it a competitive STR (details below). 

That said, it's surprising to see a lack of diverse competition in this space.

Unfortunately, many of these homes are fairly cookie cutter and face extreme competition.

Do fees go up or down with less competition? 

For example on highly competitive properties a concession can make your offer much less attractive.

And when rates are high, competition is lower, meaning cost basis is lower.

By carefully balancing the collateral and ensuring rigorous underwriting standards, it is possible to mitigate potential downsides while capturing the upside potential, providing a compelling investment proposition in a competitive market.Uses of Mezzanine Debt CapitalMezzanine debt can be deployed effectively in several ways, including:- Liquidity Provision: Providing liquidity to set aside interest reserves for first lien lenders and tax and insurance escrows required by the first lender.- Property Improvements: Funding additional property improvements such as renovations, HVAC work etc.- Operating Shortfall Coverage: Addressing operational shortfalls during challenging periods.Objectives of Mezzanine DebtThe primary objectives when using mezzanine debt include:- Project Stabilization: Completing renovations, construction, or improvements and then stabilizing the property with 90%+ occupancy.- Interest Rate Management: Buying time until interest rates normalize or decline.

Typically 1k and up depending on property value and competition for taking it off market.