That, combined with very low rates on their accounts makes me think it is time to look for a better bank.

You could also combine strategies and do a value-add to each property as you go, forcing appreciation and building equity quicker that way while also learning about construction. 

For example, I mention that every adult must pay a $30 application fee, pass my credit/criminal background, make a combined income of 3x the rent, and whether or not the property accepts pets.

Please be gentle; I'm new at this and it's pretty complex :)Structure / Legal Details- we'd establish market value through a combination of comps from local real estate agent and an appraisal- attorney would establish all required "arms length" aspects including a mortgage at a minimum standard federal rate- LLC would pay us back based on a standard promissory note over 30 yrs Pros of selling to the LLC (I think)- A sale now would be the only time we'd be able to take advantage of the cap gains exclusion on this house bc we won't qualify for the "live there 3 of 5 years" rule due to the timing of our lease and our last time of residence. 

Looking at AirDNA results, my biggest concern is occupancy rates, most of the calendars I look at have large gaps in them, and when you spend close to $500/sq. ft at current prices (in STR-designated areas), your property needs to rent well above 80% or you charge crazy nightly rates.We've also seen very few property management companies that charge less than 25% there (and 25% is rare), and some STR neighborhoods require you to use their designated PM (Desert Colors only allows Red Rock, and they are at 40% commissions - ouch!).

I've also known about this building as I've sold in it before and know how rare it is to catch a unit at the price I purchased.

I like Bhargav's suggestion, maybe using a combination of leverage and cash if you have $1 million. 

His & my verbal conditions were he move in and we'd take care of bills combined while I took care of the mortgage for the year, then I'd refinance.

However, this clause is rarely ever actually called or many lenders will not take action on it.

This combined with the city's approval on a massive amount of construction spiked inventory, then crime went up, and then the rates went up.