I’m based in Columbus and own properties here, as well as in Cleveland and Hocking Hills.

They didn't pay for it, so they don't take care of it like an owner.Before you make assumptions about costs based on a seller's contribution to improvements, find out what they improved? 

Most lending is based on cashflow, not the 2% rule (although still a good rule of thumb for some types of investments), might have the most help from the group if you provided some of those details here just so it'd be easier for us to help you best. 

I was kind of skeptical, but seems this city/town is good place for STRs based on your response.  

they took options on the dirt subject to plat approvals.. then marketed the property to builders.. why they need me is that these projects require 500k to 1 mil up front to get approvals and thats what we provide.. our return is high based on risk.

Was your loan based on just the purchase price or the total project cost? 

To remedy this for next time I am in the process of creating a design board that can be used as a base for future flips.

I'm a new real estate investor based in Calgary looking to network

We are based of course in one of the most expensive places to live yay to that.

Quote from @Brandon Croucier: Financing a commercial MF that runs as an STR is possible.Appraising a property based on the income is not, whos to say a buyer would STR the property.