We understand that not every lender will provide us with a commitment letter due to risks outside of our control (the market, covid, the borrower, etc).

Just a bunch of kids answering the phone and writing bad commitment letters. 

I’m committed to putting in the work and making things happen, and I’m looking forward to being part of this great community.Thanks for having me!

Is the PM investing in or in some other way financially committed to this deal (beyond the fee)?  

One bit of advice where you can be ahead of the curve is to write down your screening criteria for possible tenants and commit to following it.

That said it is possible that you need to evaluate your stays and decide if it is worth taking shorter stays or sticking to some longer stays to reduce your time commitment and maximize the revenue for time invested.

However, lenders often add their own requirements, and many interpret the “intent to occupy” as a longer-term commitment, sometimes defaulting to the 1-year rule as a safeguard. 

One cabin owner I spoke with mentioned that even mid-week bookings picked up when they offered flexible check-in times and promoted the property as a remote work getaway.A quick tip: before committing, check Johnson City’s regulations on short-term rentals.

A JV structure is good for a one-off deal because the only commitment you have is to the investor(s) and that individual project or deal.So in part, the answer to your question depends on what your objective is. 

If you truly believe you have credible capabilities and commitment, you’ll need to convince them that you are worth the risk (which likely will be a hard sell).