Athas Capital used to be the king of ALRs before COVID, but since they have closed up shop, I've not seen any lender offer very competitive terms on ALRs. 

If you end up paying a preferred rate that is too high, your preferred equity investors will be very happy but your common equity investors could not only lose out on returns but even lose principal because most preferred equity deals have the preferred equity investors receiving all their return on capital and all their return of capital before the common equity investors get anything.I have done deals where all the investors were structured as preferred equity with a specific stated return and no upside beyond that return. 

You can raise capital through family, it’s actually a very common practice.

If there's a repair or capital expense like new water heater, might take a little more time with getting estimates. 

Sometimes the HOA can cover capital expenses like roof and exterior, so that can help cash flow as well, but the HOA might increase the dues when they have to pay for capital items.

Build the capital first and invest using cash (MY advice)

I have some good deals on short term rentals in the northeast and am looking for financing, both for the mortgage and potentially as capital partner/LP. 

Since you and your wife lived in the condo until September 2021, you can sell it and potentially exclude up to $500,000 in capital gains (as a couple) if sold before September 2024.

Ask about Origination Fees - A good, well-capitalized DSCR lender shouldn't be charging more than 2 points, assuming the loan amount isn't too low.

I want to be able to pull money as needed for other projects and put it back without having to undergo underwriting every time I need capital like I would with HM.