The current owners have extremely low occupancy and are open to selling.

While it’s not impossible to close in mid December and still meet all requirements of the STR loophole, it will be extremely difficult due to the nature of hitting 150 hours, having it rented for 15 days or greater and having the avg stay be no greater than 7 days and not a decimal more.

It’s a sales pitch for you to invest with them at extremely lucrative rates for them.

Overall, the setup and funding process was extremely straight-forward and the customer service was great.  

But after getting to a certain point in the process (keep in mind I haven't closed yet) I am left feeling extremely nervous with what the future holds on this property as far as some things go.

I have meetings with my lawyer to discuss partnership contract and acct for the financial piece.Since this is extremely new, I am building a team of a contractor, broker, loan officer, accountant, Lawyer and investors. 

Factor in the cost to repurchase those rate caps, and that’s the true DSCR on the current debt or look at the DSCR based on the equivalent fixed rate debt interest rate.If you’re looking for high level feedback, I would say that it is extremely likely that fund 2 is heading in the same direction as fund 1.

I feel like having some good experts helping me clearly identify best practices and targets for success (instead of guessing) to be extremely helpful. 

@Kieron Osullivan That was EXTREMELY helpful, thank you so much.

That's extremely difficult :(The good news is, it sounds like you have equity in your property.