Thankfully the lender talked me in to a 24 month term as it took us the entire 2 years!

Quote from @Steve Englehart: I currently have two long term rentals and am looking into buying into the short term rental arena.  

Cash-Out Refinance – Refinancing one of your properties to pull out $30,000 in cash can be an option, though it may extend your loan term or increase your interest rate. 3.

I would send them notice today that explains what will happen after the current one-year term ends.

Finally from a purely from a cash outlay prospective short term, you could rent a house with roommates and your payment would still probably be Lower than house hacking because rates are so high, over the long period 5-10 years obviously it would cheaper ti buy, hope that makes sense 

20% down is available, 25% down will bring significantly better terms in a lot of cases. 

Tenants don't get to dictate terms.

I'll work with an attorney to assist with drafting that.Q2: Yes, I'll talk to my CPA but we'll most likely hold the property for at least 1 year under the LLC given our timeline to design, permit, build and sell the property, meaning I should avoid short-term capital gains.  

I personally like the buy-and-hold strategy and we help clients who share this long-term, wealth building mindset. 

Definitely some cause for long term concern, but this also can give opportunity to other investors that are willing to invest out of state or more people moving to other states like AZ and TX with long term appreciation in these markets.How is the appreciation in Phoenix?