Our first Fund was a 506(b) but the limitations in advertising were problematic and we didn't want to run into any trouble.

I know that the pro-forma is an advertisement with some optimism sprinkled in but without it, i'd never know it exists.

You should never advertise on a public forum how much cash you have.

Seeing lots of tourism-centric cities crack down on short term rentals and fining landlords obscene amounts. 

Areas near downtown are not just good for tourism, but SA hosts multiple conventions every week. 

Annual numbers are:Built in 1984 - Seems to be a B class complexPotential rental income $900K-$1M gross6% vacancy ($60K), $20K addition income from vending/laundry - no other amenities, $65K taxes, 5% ($50K) Capex, $28K Insurance, $16K contract services, $90K payroll/staffing, $150K repairs/maint, $6k utilities (tenants pay their own), $10K accounting/legal, $5k advertising/marketing, $100K (10%) PM (is that redundant with staffing?)

Let tenants know you will continue to advertise the unit until it is paid for.

IF you move forward with this, you are in effect becoming a landlord and have to deal with tenant issues (e.g. showings, collections, evictions, advertising, etc.).

And later, when we advertise rentals, people often ask if it's near a subway and how far is the subway.

Then you can advertise and get a lease lined up for when you move.Two considerations: 1) If you want to refinance and get out of your personal name the local bank will probably want to see some seasoning on the lease which you may not have on the side that you living since you are leasing and running.