Now this might be controversial and some people may disagree with me (even some of my coworkers here at BiggerPockets may have a different opinion which I completely welcome), but I really don't think you should invest OOS in this current macro environment with less than $100k (down payment + reserves).

Our team redesigned the interior and purchased all furnishings and decor to give a stylish, comfortable environment for guests.

NOTE:  there may be some tax on interest or principal on the payments--seek professional advice.Also, stress there will be no inspections or other contingencies--sell the 'peace of mind' side of the equation.You have known each other for 12 years and you established you are a great payer. 

Our team redesigned the interior and purchased all furnishings and decor to give a stylish, comfortable environment for guests.

Our team redesigned the interior and purchased all furnishings and decor to give a stylish, comfortable environment for guests.

Financed by securing debt on a different asset in our portfolio where we could get the best terms given the rising rate environment.

i agree with you on the tough environment there for purchasing / house hacking but I wouldn't give up on that regardless of what else you look into. house hacking = owning real estatewildly successful arbitrage = not owning any real estatecan you look in Frederick MD or Fredericksburg or Ashburn or an exurb? 

A restaurant or café with outdoor dining could thrive in this environment (there are not so many around the area), benefiting from the steady local traffic while also enhancing the appeal of the residential units.

@Lucas SchlundI just read an interesting article about the Detroit STR market environment on Steadily’s blog.

Financed by securing debt on a different asset in our portfolio where we could get the best terms given the rising rate environment.