How did you find this deal and how did you negotiate it?

Having reasonable expectations, hiring a local professional (Realtor or PM), doing your research, and doing everything right (i.e. pro photos, professional design, good renovation, proper amenities and location, etc) are the keys to success in 2025.

You rent it for one year and create a successful STR business that shows a trailing 12 month net income of $75,000.  

I’ve had more success filling vacant units by word of mouth/ networking with other agents in my market recently than I have through the typical advertising methods.

…Yogi BerraSetting written goals is the foundation of any successful venture.

Many banks wont touch deals that are sub 90% occupancy, so you could negotiate short term seller financing to help give you runway to make the building bankable for a refinance while you reposition it.

The tenant has proof that the rent payment went through successfully and was processed.

He has repeated the process in which you mentioned with success.

We've had some success recovering money owed, and we've seen it on credit reports.Recently a former tenant attempted to co-sign for another prospective tenant.

I learned I could have negotiated better on the property.