A smarter approach would involve thorough market research, realistic projections on occupancy rates, and understanding that not every location is still a goldmine for STRs.

I am waiting to have my PM and Agent do a walk through (he does pretty thorough videos for me as I am an out of state investor).

Since you've already thoroughly researched property values in the neighborhood, you can be confident that it should appraise for $300,000, allowing you to take a loan of $200,000 (or more) against the property. 

Henry,Thank you for your thorough response. 

This would give you more legal standing if they don’t leave on time.Walkthrough: Ensure you do a thorough walkthrough with your general contractor once the seller is fully out to assess any new damage or necessary changes to the scope of work.Planning ahead like this will give you peace of mind and reduce the chances of things going sideways during the transition!

KevinThank you so much for your thorough, thoughtful, precise, and honest response.

To your point, yes the larger check writers want more of the upside, control and will also do a more thorough look at the sponsor to understand where the GP equity is coming from, who is guaranteeing the debt etc. etc. 

LocationNeighborhood Quality: Research the neighborhood thoroughly.

PM has thoroughly discussed how they will move forward with this tenant and we have level set with them our expectations.

You’re effectively acting as the bank, so it’s crucial to vet your buyer thoroughly and possibly require a solid down payment.