@Maegan Quaife, Of the 4 prongs of the Internal Rate of return 2 of them are very high for you - cash flow and amortization of the loan. 

Real estate's "gross rent multiplier" is Wall Street's "sales to revenue",  "cap rate" is roughly "P/E ratio".When evaluating markets and investments I tend to start with GRM (or lazily the 1% rule), then attempt to return a cap rate based on assumptions about costs, then I work my way to multiple years of projections (assumptions about inflation, amortization, tax benefits, etc), and if I am partnering with one of my smart friends I have to pull up an IRR (internal rate of return).I also look at regional employment levels, median income to rent ratio in the zip code etc. 

Just the other day I saw someone had used black sheet rock screws in the hangers on a brand new deck (non-permitted obviously, and not a single lag or any flashing on the ledger board, and they painted it immediately before the pressure treated lumber had even dried out so that’s going to peal in the first year, at about the same time that those sheetrock screws start to rust lol). 

It is very seasonal but does very well in Summer and there are a lot of STR friendly towns.I have considered it however my current goal focuses more on a multi season rental and I am also more familiar with the non beach towns.

Number 1 reason for non-rental is $ price of rent, second is the season, I say the season is Thanksgiving to Super Bowl. 

It's still a good market for long term rentals but the returns are not what they were 10 years ago - but if you can get past overly optimistic suggested ROI, it's a really solid market.

I would be amazed, shocked even, if a traditional financial institution was willing to lend on a non-habitable asset up to 80%. 

My goal is to stabilize, refinance within 3-5 years, and offer strong returns to lenders.Your point about targeting SDIRA investors and high earners is interesting—how do you typically find and connect with these types of lenders?

The human race has historically been poor at predicting future, so it's wise to prepare for multiple scenarios.Mortgage rates in 2025 may decrease slightly if inflation stabilizes and the Federal Reserve eases rates, though they are unlikely to return to pre-pandemic lows.

Perhaps in return they collect an acquisition fee,  collect a construction management fee & share in a portion of the upside.