Highly recommend (I require) collecting first month's rent prior to handing over keys.

I have one for my other rentals through a prior relationship but that's a couple of hours away. 

In Charleston County, the median home sold price was $626,134 in December 2024, up 9.5% from the prior year, with a median price per square foot of $342.

I want to have a game plan in action prior to reaching out to lenders.

I'd really vet the developer, their past projects, talk to prior partners (GP & LP) to see how prior development deals worked out and how the communication was, etc.

You can make the determination by examining the mechanical systems yourself and finding out their age or hiring an inspector to evaluate the systems.

Our prior STR experience didn't count for them.Got it.

Not sure if they have upgraded to desktop appraisals but if they are still doing in person appraisals , make sure you get everything (scope of work, good faith deposit, social, LLC docs, insurance, proof of prior experience, financial statements) in ASAP.

Was able to gain some leverage prior to negotiating which resulting in a great outcome What was the outcome?

•This balloon payment will be paid through a cash-out refinance of an investment property valued at $198,000.7.Remaining Balance: After the balloon payment, the remaining loan balance will be re-amortized over 5 years (60 months) at the same 6.5% interest rate.Payment TermsInitial Loan Terms (First 24 Months):The monthly payment for the first 24 months is based on a 12-year amortization schedule:Monthly Payment for First 24 Months: $1,573.39Remaining Balance at Month 24 (Prior to Balloon Payment):The balance after 24 months can be calculated using the amortization formula:Remaining Balance at Month 24: $157,113.92Balloon Payment:The balloon payment will be 50% of the remaining balance at Month 24:Balloon Payment Due at Month 24: $78,556.96Re-Amortization of Remaining Balance (After Balloon Payment):The remaining balance after the balloon payment will be:This amount will be re-amortized over 5 years (60 months) at the same 6.5% interest rate.Monthly Payment for Final 60 Months: $1,541.18Summary of Key Terms:•Purchase Price: $215,000•Down Payment: $43,000•Loan Amount: $172,000•Interest Rate: 6.5% (fixed)Initial Terms (First 24 Months):•Monthly Payment: $1,573.39•Balloon Payment Due at Month 24: $78,556.96Re-Amortized Terms (Final 60 Months):•Remaining Balance: $78,556.96•Monthly Payment: $1,541.18Additional Conditions:1.Prepayment Penalty: None.