Alternatively, you could move straight into a longer term program that will essentially structure the deal as a "delayed purchase" and underwrite in place DSCR/occupancy.

Alternatively, you can pay $119 per unit that vacates.  

That said there are some workaround and alternative loan programs that can potentially work.  

A Walgreens with 25 yrs of lease left and 5x5yr extensions will be "safer" than a stand-alone mom and pop restaurant with a 5 yr lease and no experience in the restaurant business.  

An alternative would be a hard money financing.

There is a time factor that needs to be accounted for as well.In my opinion - you will need to be able to reasonable achieve 2-3x the rents vs. the alternative for room rentals to be worth the squeeze.I'd check to see what other folks are renting individual rooms out for to see if it makes sense diving into.

They instead use an alternative method separate from both of the mentioned methods.

Alternatively you could use a 1031 exchange and put all that equity into one large cash flowing multi-family commercial property with property management. 

I would look for alternative land options that you could use for RV parking since RV parking at homes is very difficult and people don't use their RVs much, but there are a lot of RVs in Texas.

Our beaches will always draw plenty of visitors in my opinion and are a safer bet because of limited land and fewer properties available to convert to STR.