Risks: rates go down and you have to pay a prepay of 2 or 3 %; you have to sell and pay the prepay; rents decline & you can't make the payment like any other type of loan; cost upfront a little more than conventional; need to find experienced broker licensed in the state where subject property sits; servicers are bulldogs. 

Another thing to note, these are high-paying jobs being moved to Phoenix. 

Right now, the best offers around me are for some 1.3-4 million, that only generated around 100k per year gross, so there would be a high chance of not cash flowing, and paying money, especially with a commercial loan (these buildings have more than 4 units).I was thinking that although the rental itself does not generate money, I would be able to deduct the mortgage interest, and depreciation from my personal w2 income and would be net positive.

The price you pay for being part of the Disney World spoon-feed of guests is that the barrier to entry for profitable STRs (ones that leverage close to or max LTV) is very, very high.  

I have never been disappointed and have actually thought he pays an extreme amount of attention to my needs for the price he charges.

If I'm paying $150 to turn a rental, you would probably have to be sub $100 for me to give you a shot.

I got a 1099-INT from him to file my tax, which I paid a big portion out of 8% (effectively around 6% after paying the gov). 

A longer timeline will make paying the extra 2% now more attractive.

Plus, you have to pay the cost to be the boss.

Now, you need to figure out how to find deals and pay for them.