What terms are they proposing?  

Might be a diamond on the rough if you can fix it up and then long-term rent.

Thanks, I'm looking to get into short term or long term rentals for starters.

Personally, it’s something I always expect from a short-term rental, and it can have a huge impact on your reviews.To make things easier for both you and your guests, consider smart tools like locks, outdoor cameras, and smart thermostats.

@Parmesh P. there is no such TDA paying 7% or even 6% long term,5 years or longer.

I am considering getting into this space (looking at some courses), but worried that its too late, and that deep local market knowledge/understanding of buyers/connection with developers etc is required to make this work, which only incumbent/long term investors will have and would be hard for a new entrant starting from scratch to catch-up...is my hypothesis valid in your opinion ?

However, terms are negotiated specific to each project. 

I am looking to make an offer a 2BR condo for use as a long term rental.

Knowingly buying into the red just because of financing terms is a very unhealthy way to invest.

Prepayment penalties- usually 1-5 year terms.