Well, you came to the right place to ask that. 

Are you familiar with Creative Financing such as Subject To (SubTo), SubTail, WRAPS, Short Term Lending, and Bridge loans? 

So this is creating more competition and more agreesive rent rates and/or concessions like 1 month free to get those vacancies filled.

(I know, nothing is certain but just hypothetically) and all cash out loans are not created equal. if you have a lot of equity you can borrow up to 60% with the lowest rate possible, which would be close to a half point lower then borrowing up to 75% loan to value. 

Hey Jeff without knowing any details everything is what you are able negotiate. but you have to take in account the years interest rate and purchase price and what kind of cash flow.I will say get a mentor if you’re inexperienced these kind of deals can go left if you really have little knowledge when it comes to structure .

I am looking to connect with local (to myself) investors who have made the leap out of state. 

You should reach out to @Melissa Haworth she can get the actual numbers/rents on STRs in the area to help run your comps.Each building is different, each area is different, it is important to find accurate data to make good decisions.

Very big difference and be surprised if you had rats to be honest.

Seems too low to be real.

They'll tap out in 3 months, max.Rates can increase.