Grad students are calmer, quieter, more focused, usually a bit more money.

And it makes sense that you don't need so many baths, but I liked the thought of building it out like that because I think long-term, there is still value in it if someone wants to buy it and do full coliving or sober living would be ideal.I definitely don't regret having done it that way, but for someone starting out when money is tighter, it's not necessary.

To make real money in this business requires busting ***.

Best practice is to ask them if they consider hard money cash. 

This is called OPM - other people’s money.

If you're looking to invest your hard-earned money, I'd also encourage you to actually drive through the areas designated as the STR zone.

Most people are refinancing a BRRR because they are in short term debt (like 12 month hard money used for purchase +rehab financing) or own the property free and clear (they bought all cash) and would get a higher return on equity by leveraging the property and reinvesting the cash out proceeds of the loan to scale the portfolio. 

But keep in mind if your using money you cant afford to get back then buying action property might not be appropriate for your current endeavors and its better to just buy open market were you can do proper due diligence and know you have a build-able site.

If you don't need money you pay down the HELOC. 

Additionally, considering the time value of money is crucial, as deferred gains and tax efficiencies may improve long-term returns despite upfront losses being largely on paper.