The house hadn't been on the market long. 

I have a feeling my entire local market is going to be the same outlook to make their over value seem reasonable to themselves..Do you or they, control the future?

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).

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

Just like any of the investment strategies here in BP, they need to evovle as the market and housing landscape evovles.

I am not in North Carolina, but I am in 11 other markets and would be happy to chat to answer any questions.

Just remember the property must be owned by the IRA, and you can’t personally manage or use it—all income/expenses need to stay within the IRA.2.First-Time Homebuyer Program:  This is what @Arthur Flores was mentioning. 

We manage several hundred rental properties throughout the San Diego market and I found your post very interesting. 

I'd love to help anyone break into the Huntsville Market! 

Alas, this scenario didn't last very long, as you would expect in a free market capitalist society -- new money flood in, more STRs in supply, property prices increase, STR incomes decrease, until a new equilibrium is achieved.Nowadays, the word STR is being used to describe both the property and the business.