IRS Publication 590 is a good resource to examine these items as well. 

The county is the second fastest-growing in the U.S. and the fastest in North Carolina.The zoning for the project is already approved, and with our captive audience of potential tenants, I’m confident that all units will be leased upon completion.I’m seeking advice on how to best structure this debt with a private investor or investors in the short term until the property is fully rented and long-term financing is secured.

I look at every single item in the pro forma and imagine that it is complete BS, and see if I can challenge it.

I only recommend this route if furnishing the STR is not the long item.  

It's a strategy that has grown in demand *because* of the higher interest rates due to the higher potential income (vs traditional 12+mo leases). 

My goal is to find a vacant mfh but obviously if that isn’t possible then I would just not do renovations until the tenants lease is up.2.

@Jon Martin You are right , if you don t know how to market a property and get direct reservations you should not attempt to co-host or triple net lease a property.You fail to mention that leases on a property can be as long as 30 years.Long leases are a way to give both property owners and management companies favorable terMs.

I paid $260,000 and just knew I could sell it for $400,000 - $500,000, or if I chose lease it for $10k per month.  

The lease is not up for a couple years; however, the USPS has submitted a proposed lease to me for the next 5 years.

Builders and institutional investors have responded with a number of build-to-lease projections throughout the area.