I learned a lot and maybe will come back to STRs when I don't have to overpay to get in, but I'm selling it right now and not looking back while I have the opportunity to offset my cap gains with all our losses.

Their properties run roughly 10-25% Cash on Cash return and 7-11% CAP rate.

I have gotten as far as looking up storage units on loop net and comparing cap rate.

Non syndicated investments have specific caps one must observe.

Most lenders are capped at 70-75% of loan amount in ARV, but there are lenders that will go up to 90% of purchase and 100% of rehab.

This Cap would allow room for some future new STR supply.

Assuming I can get my mortgage payment to around 2,150, there is almost no cash flow after I calculate for vacancies, property management, cap ex, etc.

It is much easier to talk about being conservative when the sponsor implies that they are CHOOSING to keep millions in reserves or buy a low interest rate cap.  

because if you chase multifamily, then Hawaii would not offer the greater return due to cap rate.

There are not a lot of options out there for rural STRs, if a lender can use AirDNA to qualify, they will likely be capped at 70% LTV.