All with 55% down.Generally speaking, a location that is near a National Park or major attraction(s) are going to be the better locations for STRs. 

These easy cosmetic value adds get your rents/cashflow up and create some equity while also attracting the best tenants. 

not sure what the attraction to invest with these folks was.. but it does sound like a meltdown and some pretty poor operators.

I have a background in design and hospitality so I pair that with my knowledge on the real estate side of things.

Then, the program is designed to help people get back on their feet not subsides their rent forever like other programs.

Here's my primary reasons:Expenses disproportionately impact lower rent collecting properties For illustration purposes compare two identically designed 1+1 duplexes in the same market.  

Many companies charge lower initial fees which makes it easier to attract new owners but then charge inspection fees, after hours fees, fees for additional services etc.

While designed to protect tenants, rent control has adverse effects on the broader rental market.

(Noticed I didn't include architects in that list - from my experience most architects are great at building design but shouldn't try to do land planning.)If you have never done any development like this before than it would make sense to partner with someone who has (or flip it entirely) once you have a site plan of the property's potential.

Another option is to have him seller finance at a rate and term attractive enough for him to offset the capital gain.