@Veronica Mitchell - A little bit of an open-ended question since Chicago is just so massive and has a ridiculous amount of mult-family properties. 

For anyone that is looking at developing or purchasing an STR in Packwood, WA I would take a peek at the numbers that are on the rental sites and the amount of bookings. 

Labor and Material has not depreciated in this amount of time.

With $100k down it’ll probably be slightly negative cash flow.

Contrary to most business lending, the REI industry has a lot of "non-bank" lenders that provide attractive loans that can lower your cost of capital and improve your profit/cash flow. 

It's likely they need to get a certain amount, possibly for a mortgage.

So why not put that money to work and start building up some cash flow?

I used the lower of rent amounts for analysis. https://www.biggerpockets.com/analysis/rentals/ee5f6928-93ce... is link to the BP Calculation on it.

Now this depends on how much you want to raise, if its $1M yeah that can be done, if you go above $5M you are gonna need to spend money and I would assume someone starting out 10% of that amount to get there.

I’ve seen cases where the lender filed the deed in lieu, then when the borrower threatened suit offered them a cash settlement to forgo litigation.