That's such a wild comparison, I struggle to believe you think it is correct either. 

Try that on the west coast, where a 600,000 home became a 500,000 home in only 7 months during our price correction.

Everyone trying to come across as "smart", "I am better/smarter" than him, by obsessively trying to find SOMETHING to correct in every post. 

@Joseph Catalano gave you the correct answer.

“Work” the note by offering a smaller discount for payoff to the debtor, or by enticing an increase in monthly payments for a decrease in interest rate, which should if structured correctly increase you yield.I have successfully used all these techniques and many others to enhance my returns.

@Arthur Nogueira What Bill said is correct, you can do a cash out refinance on a fully paid-off house.

You are correct about the importance of a coach.

Do I have the correct understanding of this?

If the reno is done correctly, and screening is also done correctly, it can me a money maker.

I believe this is correct - doable but very challenging to qualify STR with conventional in a high-rate environment like we've been in.Sharing this article published last year on STR Loans Options Pros/Cons, etc if it helps!