While many of these partnerships can be fruitful, some turn out to be less successful, with unfortunate outcomes that could have been prevented with proper planning and safeguards.For instance, we recently encountered a case involving an investor, or "money partner," who contributed $650,000 to a real estate deal facilitated by another investor, the "developer."

You mentioned you are struggling financially - answer a few questions for yourself- How long can you reasonably afford the property given the current tenancy issues?  

Who is their architect for all plans and permitting?

Owner-Builder Construction Loan (Challenging but Possible)Some lenders offer owner-builder loans, but they usually require:✅ Strong financials (good credit, assets, low debt-to-income)✅ A solid construction plan, budget, and timeline✅ Proof of prior experience (renovations help, but formal experience is a plus)✅ A licensed contractor or project manager to sign off on the build2.

I myself am in a similar position looking to acquire a secondary home in the Banner Elk and would plan on using as a STR and would love any input on your findings!!

I can say with confidence that in the short term you are financially better off to continue renting.

.- Is your goal to be financially independent, nice retirement, or just have a nice little profitable side hustle?

A background check can uncover criminal history, past evictions, judgments, or liens, which could indicate issues beyond just financial stability.Even if rent payments are guaranteed, the applicant will still be living in your property, so knowing their rental history and overall reliability is just as important.

I spent my first 6 years in the financial planning industry working for a firm that had previously sold a lot of privately held REITS that went south.

It will be a 3 or 4 unit and planning on doing STR on one as an experiment.