The LP got it from a friend who is in some kind of real estate mentoring program.

I would add that SFH airbnb market here is saturated BUT I believe there is still a robust market for larger homes for family gatherings and events.

I live in middle Tennessee, just south of Nashville, so I know a decent amount of some of those markets.  

With rates where they are, I'd expect you don't plan to be in the mortgage for more than 3–5 years (maybe less) depending on where the bond market goes. 

And when an all brick 5+ unit comes to the market it is grabbed up incredibly quickly and oftentimes on future value not todays value and current NOI.

Or maybe certain markets or property types you’re curious about?

At the time, rents were below market at $750 and $820, while comparable units were renting for around $1,000.

Even if you get a great deal that is 20% below market, appraisers will typically be anchored by the last sale price and you may be stuck not being able to pull out as much cash as you need to pay off the HELOC.

It's a free market. - You will finally get a tenant. 

In this case, your monthly payment with 20% down will have a good MARKET rate if your DTI works with a much lower month payment and no mortgage insurance(MI).