Even if it takes longer to pay off, having a steady, reliable tenant might actually be less stressful than managing an STR.FYI - consider starting with a regular rental but structuring it as a 6-12 month lease.

The wire instructions I received were also different from the entity listed on the contract, but in my case, they explained that the funds needed to be sent directly to the contractors handling the rehab, which aligned with the project’s structure.I proceeded, and everything went smoothly, with clear communication and regular updates throughout the process.

Did you receive security deposits with interest and pro rata rent for the month at settlement?

How are they coming up with a security deposit and a months rent and moving costs for a new apartment?

Not mentioned, is recognition of other opportunities that a well-secured note may provide strategically, if placed well.

But section 8 is the way to go, higher rents + more security.

I can get regular financing, but was attempting to keep myself liquid for the renos. 

My front is similar with packages delivered most days and being very confident if delivered to the front door that they are very secure.  

Being in control of the contract, understanding the market you're buying in, and securing the right  price are the foundations of a solid deal.

This means securing at least two bookings (to get a stay of less than 7 days) and completing all setup tasks.