We only get a statement from the management company about the rate.

The capital you'll need to accumulate depends on the appreciation rate in your chosen investment city.

Other KPIs and considerations you should evaluate when talking to any lender who offered private placement of loans/notes are historic default rate, how quickly they can place your funds (do you get preference over their income funds, for example), average interest rate - borrower note rate and what is passed through to you, are loans serviced by a 3rd party servicer or in house.

We are planning to hold it for 5 years and bought a rate cap to cover the entire hold period. 

Quote from @Jimmy Lieu: Quote from @Andrew Syrios: The BRRRR strategy is tough these days (I even wrote an article about it that goes into more detail a little while back: https://www.biggerpockets.com/blog/beyond-brrrr-taking-advan...)In short, high interest rates as well as labor/material costs makes it hard to buy a property with debt and cash flow. 

But in Smarter Contact, even though it's not required (if you're in the Elite or Enterprise Plans), they're strongly suggesting it and even have a report on "carrier block rate" percentage.

However, if the FHA interest rate is lower, I would still go that route and if rates drop refinance  however keep in mind FHA has PMI for life  Here you go

I've had lots looking for the 10x cash on cash/10% cap rate in LTR but we haven't seen that in at least a decade in this market, but I have no basis for STR here.

Interest rates were what, near 3%, 5 years ago.

Expenses went down and ratings / reviews went up.I did the switch after staying in an Airbnb that provided both flowers and local bakery goodies.