Because of general lender hesitancy to lend to STR real estate assets because they view them as a bit more volatile. 

Investing right now is volatile.  

While that might seem like an obvious point, I am curious to what others have seen from the repercussions of Covid and the current volatile market.

I am okay with 4.75% for now given current volatile rates. 

If your profits are volatile year over year that can add some complexity as well.1yr tax return for documentation is always preferred in my book

While the short term stock market can be volatile meaning you aren't guaranteed those rates of returns, over the course of a few decades (the time to repay a mortgage), the law of averages tend to work themselves out and you can be relatively confident that you will have earned something close to 10% annually pre tax over that timeframe. 

Florida is and has always been a volatile housing market.

Some markets in the Bay Area are more volatile than others, creating more valid concerns about price compression over the next 1-2 years.     

The risk you take with stock and bond market investments is the risk of loss due to volatility.

Initially, hard money admittedly makes me a bit nervous with the volatility in the current market and in knowing payback will be contingent on re fi at good appraisal rates, but I should probably look into those more and consider leveraging it to potential expand price point.I’d love to chat more/learn about your journey if you’re open to it!