Here's my take on the decision:First, let’s look at the pros and cons of paying off your current short-term rental (STR):Paying Off Your STRPros:-You Eliminates your largest fixed expense (the mortgage), which increases your cash flow significantly.

What is your Annual Rental Rate Increase look like?

While rates may not decrease, the significant double-digit increases should level off.

So they need to meet your standards, right? 

While appealing in theory, the reality is different.More units do not result in increased income reliability.

Household Debt Rose by $184 Billion in Q1 2024; Delinquency Transition Rates Increased Across All Debt TypesMay 14, 2024

It even states that the lease “will repeat itself” but doesn’t specify terms like figures or percentages for rent increases.

The mortgage would stay under the seller's name.The buyer could then rent out the unit, renovate, etc. to increase cash flow or make more money.But aside from a possible "due on clause" being called by the mortgage company, what's the benefit to the seller?

Now the tricky part is creating your underwriting standards and system.

So act quickly, do as the others are saying and screen him according to your standard criteria. credit, references, eviction history, etc.