These type living arrangements are primarily short term until user circumstances change

Much better as a short term acquisition strategy for flips IMO but always a high-risk strategy that should not be practiced by anyone who doesn't have the liquid capital to pay off the loan if needed.

@Justin FondrenIf your credit score is in the 700–730 range, you're in a great position to secure favorable loan terms.

A short-term rental with a stay of 7 days or less + Material participation =also non passive.

This allows for deferral of capital gains taxes until December 31, 2026, with potential reductions in the taxable amount if held long-term.

I don't work in Nashville area but $165 per sq ft seems quite low to me.In terms of financing, I would speak with a few construction lenders and also hard money lenders.

Make sure it explicitly explains the process for termination if you are unhappy with their services, especially if they violate the terms of your agreement.3.

Large corporations are moving to the area which is very promising long-term for REI.

We have couple turnkeys, and couple of BRRRs that we did so far (all are single family residential properties with long-term tenants).We are interested in exploring commercial real estate, and wanted to get all of your help in getting started. 

I think it would be better just to stay on good terms and let him know you will contact him when you are ready to sell.