In this scenario and in most situations where there is a sub to or wrap, the 2nd borrower lacks the capacity to obtain financing in the first place so by definition, the risk is increased. 

How will you differentiate yourself from the competition when you have little/no experience?

This is a needle in a haystack and generally comes with competition and valuation premium, as well as lost opportunity and memory making costs.. 

As competition in this space cools down, the remaining players who stick it out and new players who enter the asset class will have the greatest chance of being the next class of top performers.

Licensable vacation rentals are obviously in high demand and offers can become quite competitive, I don't have any formal statistics but I'd say a quality active or eligible vacation rental sells at least twice as fast as a non STR property, the majority within days..My best advice to investors shopping for a hot or high demand asset class is:- Prepare & Practice: Get your ducks (GO UO!) 

So this doesn't seem right to me...if I see "new construction" as a buyer, I:a) assume the home has never been occupied, andb) that licensed contractors were used to build all aspects to state code, to offset the lack of required inspections.I know homeowners can do their own work, but shouldn't that imply occupancy and be listed as previously owned home vs. new construction?

What if you need to exit early due to lack of performance, personal issues, etc.?

Anyone lacking that discipline probably isn't an investor at all!

Best wishesMilwaukee has been on a steady 7-8% climb for the last 10 years, we have a chronic housing shortage and according to rentcafe 2024 we are the second most competitive market for tenants only second to Miami, FL.

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