It's short sighted because it sounds like there is a high likelihood this current tenant will pay. 5.

Discussing these points can help you make a sound decision.I agree wit @Noah Corwick that permitting and construction cost make this a tough option.  

Sounds to me like an investor turned down the deal because after finding out the actual payoff, suggesting the numbers are not investor worthy.

They also want a priority lien on the property.It sounds like you are looking for someone to fund your down payment, I would be looking for an equity partner over debt as nobody likes to lend money in insecure positions, especially when a borrower lacks skin in the game.How much are you planning to come in with yourself?

Hey Dan - That sounds incredibly frustrating, especially after hosting so many successful stays over the years.

Funding the larger properties to start sounds like it will be my biggest challenge and I'm not convinced, yet, that I can't find the money out of my own pocket or find OPM to get a deal done.

Sounds like their combined income likely beats your other tenants.Your gut is probably your best bet and you need to go with it. 

Also - it sounds as if there may be a deficiency here.

Kind of sounds like heaven...   

It sounds like the proper expectations weren't set when you took them on.