It's ok for their NAV/price to go up or down because all risks and future implication has been documented properly.

Review your loan agreement for restrictions, and consult legal and tax professionals to ensure compliance and protect your interests.In C State, you can elect to file MMLLC as disregarded entity for tax reasons.

As for properly collateralized performing notes in Vegas I think those are quite safe.

LTR Backup Plan: I want to ensure that if the STR route doesn’t pan out, the property could sustain itself as a long-term rental (LTR).

For it to work properly (ie heat the unit), it needs to be kept on in the winter even if she turns it down when she's away or in the evening. 

Also, ensure their 2-year workmanship warranty is documented with clear terms.Shingle warranties can be worth it, but claims often hinge on having all the right paperwork.

Build a solid team and evaluate deals carefully using tools like BiggerPockets calculators to ensure strong cash flow and returns.Good luck!

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

But if refinancing doesn’t leave you with enough equity for future deals, you might be better off flipping for cash and avoiding a lot of refinancing headaches in the short term.If you’re planning to buy your sister out and retain full ownership, you’ll also want to ensure that the numbers still make sense on a long-term hold.

Truthfully though, I would do a cash out refinance for a large sum of money on my primary residence to ensure I do get a better rate.