There is no difference between building this in up front and accruing interest until the capital event. 

Once you are in the air (to stay with the metaphor) and at a decent cruising altitude of 10-15 five star reviews- now you raise your rates a little and start to pay off the accrued debt from furnishing the place.

People are typically short because they overpaid and had to resell quickly, they accrued massive arrears, or the market declined and it put the value upside down.

Out of curiosity, where is property and what is your occupancy rate?

Just out of curiosity, who is this lender?

The house has not been formally appraised, but based on the data I've researched I can confidently predict it has accrued some equity. 

Just out of curiosity.

Out of curiosity whats your long term strategy?

From there we go into a cycle of equity accrue, plan a future liquidation of properties, tapping such gains, 1031 profits (if no Biden) into a singular Class B/A commercial residential complex, say around 200 units.

There only a  few US embassies in Germany and you have to get an appointment that can take months.Out of curiosity, did you ever happen to sell any property that's located in Florida, while living in Germany as a non-US citizen?