In my opinion, Airbnb is trying to offer as PMS type functions as they can and be as user friendly as they can so people will ditch the PMS and OTA and only list on Airbnb. 

Is the followed locations function currently down?

.: @Kevin G.I suppose the issue is who is looking for what... and what risks are you looking to take.Nothing is wrong with you doing the GC "function" of getting the trades in and out, etc. 

How much EMD is a function of negotiation? 

There are a couple of companies that offer "Functional Replacement cost". 

Whole Hog BBQ.Health care is one of the largest industries in Nashville, and the US.

We had also been aware of the political environment of the city and had taken steps to protect ourself from the possibility of not being able to function as an STR.

Intel is a great example, who is building the largest chip manufacturing plant in the US right here, and it will be a $20 billion dollar investment that brings a few new thousand jobs.https://www.dispatch.com/story/business/2022/01/21/intel-ohio-building-computer-chip-factories-licking-county-jersey-township/9173472002/ Another example of economic growth is the upcoming Ohio State University Wexner Medical Center Inpatient Hospital which is a 1.9million square foot hospital that will bring over 800 new beds and a thousand new jobs. https://abc6onyourside.com/news/local/new-osu-hospital-expected-to-transform-health-careHere are a few more recent investments https://www.10tv.com/article/money/business/hydrogen-power-company-hyperion-bringing-700-jobs-to-columbus/530-25907aab-5517-4661-a9f3-d2ed2d5be6b0 https://news.wosu.org/news/2022-02-08/rumpke-to-build-50-million-recycling-facility-in-columbus Check out The Complete Guide to the Columbus, Ohio Real Estate Market which goes through the Columbus, Ohio market in depth and will give you a better scope of where the highest levels of growth are taking place and where to look to invest.

So, to renovate an already functional space to make it more modern involves demo'ing something that has value to try to add something of more value BUT the value is limited because it is basement space.

Don't know anything about them but per my calculations they are taking 27.2% of the capital appreciation on the New Braunfels deal at the end per their projections which seem optimistic in this oversupplied environment, (Austin MSA with largest new multi-family projects coming out this year in the country ,8% of total existing stock and already seeing rent rate declines of near 10%in the city so far) and they are taking a big chunk of the monthly cash on cash as the preferred payouts for their 3 different classes are well below the projected cash on cash total.