My strategy as an investor has changed over the years, today I look at real estate more like a collection of properties and less through the cash flow lens.

Really like the sentiment around being flexible and creative to get a deal done, I agree, it takes looking at things in a slightly different lens to make them come together currently and I think that will continue as we get into 2025 as well.  

I read this as someone using a short-term lens to focus on a long-term issue. 

and the other through a cautionary lens. 

Use a wide-angle lens to show more of each room.

Strictly from a private money lens: If you're open to a 2nd position private money loan against your STR's, it's possible.

To this effect, I did hold bitcoin for a period of time, with this lens (I had a moderate cash position and diversified across equal parts bitcoin, gold, and dollars as an inflation hedge).

I'll do some additional digging in the comps with that lens in mind and report back. 

If you look at things through a financial lens, follow Nathan's advice. 

The goal is to show that you are not making money in the lens of the IRS, but also making sure that you can + cashflow in the lending world.