@Jay HinrichsI currently develop in NC.

Then there’s this glorious tax season where you realize how many things you get to deduct that others can’t, while sheltering your income with depreciation, and earning tax free income with appreciation.

As there is a general flight to affordability, the new developments don't fill as quickly, and rely on concessions and/or lower asking rents to fill up.  

When it starts to rain in monsoon season, put your galoshes on. ;-)

As many of you know, Pricelabs adjusts rates based on days of the week and seasonality. 

BiggerPockets is full of resources designed to help you along your journey, whether you are just getting started or a seasoned investor.

Not looking to rent it out in the off-season currently.

Then after the units are stabilized (perhaps with some seasoning), you could get a bank/HML to refi this up for 75%-80% of the ARV.  

I'd really vet the developer, their past projects, talk to prior partners (GP & LP) to see how prior development deals worked out and how the communication was, etc.

The developers pushing agents to sell one of their townhouses as a STR really inflated the asset cost cause they were pricing it on a revenue structure, not asset.