Being based in Austin, you’re in one of the most dynamic markets out there, which gives you a fantastic foundation to build on!

Quote from @Brandon Croucier: Financing a commercial MF that runs as an STR is possible.Appraising a property based on the income is not, whos to say a buyer would STR the property. 

I've been a licensed agent here in Maine at the Augusta-based Pouliot Real Estate for the last 2 years, but began my real estate career in Savannah, Georgia (my GA license is currently inactive).

The BRRRR strategy can also help build your capital base without significant upfront costs.

I'm California-based where there aren't any real deals in my area, so I'm exploring Detroit as an alternative real estate investment market - due to the combination of it being a strong market and my having connections in the area. 

I'd underwrite the deal as any other - make sure you are conformable with the quality & tenant base. 

MIchael was kind to share his with me and it made a solid base for the modifications we made - thanks again Michael!

Allocate equity based on contributions: you provide the $235K HELOC and management, while your former boss contributes renovation expertise and labor.

Please no politics here, just looking for guidance on what may happen based on your insights so I can manage my bsusiness. 

Lenders can have different loan options based on the property type and the amount of rehab (if any) required for the project.