It would be for $120k plus closing costs for a year or two until we could refinance.

I think we have enough software in the STR world lolWhat if we made a guide to increase occupancy rates that centers around marketing, guest experience, and ways to stand out in saturated markets that isn't simply "buy more amenities"?  

You are already succeeding by living for free, which will increase what you can save for the next investment.1-2 years later, buy another one and turn the first property into a pure rental.

I’ve had people who signed up for 6 months and stayed 5+ years, paying increasing rental rates.

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.While the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall loss.

Materials have increased more than 20% in the last 5-8 years.

It's the cash you put in that's your cost for the property. 

I'm looking for super low cost, or preferably free.

With high home prices, rising mortgage rates, and intense market competition, securing a property has become increasingly difficult.A recent survey found that over 60% of real estate agents reported instances where Gen Z buyers lost out on homes due to delayed decision-making, missed appointments, or hesitation in making offers.

Option 2: Make minor upgrades to the rental property to increase the rent (the current lease is almost ending) and hold onto it.