It may take 1-2 years and by the end you will have forced some appreciation from the renovations but also got some natural appreciation from the market.

Any development work they've done on the property also becomes your property.If the property becomes yours, you could try to sell it back to them quickly and below market for a nice profit.

Quote from @Kevin Hintz: I can totally relate to the tight market and how hard it is to find deals.

We listed strategically and were under contract in 2 weeks in the slowest part of the year (December) whereas all the other similar homes in the neighborhood have been sitting for months and still sitting on the market. 

Along with our partnership with GS Courtyard Homes this is a thriving and growing community, located in an amazing market.

It's important to know what market rents are for what you are analyzing, many properties are super under rented and you have to get them to market rates. 

You may also be able to "make your market" if you can hit a critical mass.

I know that interest rate is WELL below market.

If we can complete projects faster, we increase IRR and build trust.3) Market Risk- The longer it takes to complete a project, the more exposed you are to market fluctuations.This goes for all things Real Estate - BRRRRs, Flips, New Builds, Rehabs, etc.Real Estate is a wild ride I feel your pain, I've had this happen many times where the project is twice as long.

Unsure about STR regulations in Charleston but I would advise you to search "arbitrage" on this forum and read up on the hundreds of pros and cons responses here before diving in to any market using the arbitrage model.