Presently  traditional banks construction debt will be  WSJ Prime +.5-1% which is only 2-3 points higher than where most Alt lenders are.

You still need to look at the other risk factors, determine what level of risk is present, whether you will accept that risk, and how you will mitigate it.

The market rate for a full-service STR co-hosting company is 25% gross after cleaning fees.On average the following would be included... 24/7 guest communication, vender oversight, weekly updates on the OTA listings, make sure maintenance and deep cleanings get done...but owner pays the expense, stain removal on linens, marketing the property, keep supplies stocked...again owner pays the expense, keep property guidebooks updated (digital copy and hard copy), security (locks, cameras etc.) oversight, bi-weekly pricing software management, walk the property regularly, provide monthly reports, and obviously any guest problems that arise time to time.

Once I had their agreement I called the guest who refused to answer, so I called the cabin phone and let it ring for like 2 minutes until someone finally answered.I explained they knew the house rules, they signed my digital rental agreement that clearly spells out max occupancy and they signed up in the OTA with 7 guests, but only listed 6 people on the digital RA.  

So I went home and for about a week non stop I worked on a presentation of what all I was going to do in this project and how I was going to do it.

Here is a great presentation on how to evaluate a syndication: 

I’m confident long term holds will present themselves along the way, I just need to focus on what can work in the next 12-24 months. 

@J Scott - Does your book come with digital spreadsheets?

on any RE investment I do in moderate to high appreciation areas, I take advantage of leverage.In your case as presented stocks is easy decision.  

I'd say the MTR would make the most sense being close to some hospitals in this case with the higher offer price but like you presented it could be a variety.