@Travis TimmonsI had the same reaction as you did, but I held off on posting since I don't yet invest in STRs (I'm all LTR so far, and looking into my first MTR).Buying an STR "to offset income" makes me nervous as well...

This Wikipedia page gives different wall types and how well they block sound.  

Friendship and business don’t always mix well, so it’s critical to use a solid lease and treat this as a business arrangement.

We negotiated a deal with the owner for 20% Equity, we are responsible for infilling the community as well as property management (which we also get paid separately for).

I think we're priced pretty well when looking at comps now, and we did one price reduction.

Well thanks for replying now!

I can build a mini storage or whatever as long as the zoning is compliant.

Hope all is well.

Vanguard and Blackstone have a lot of interest here as well. 

We have a niche market due to the hospital and university which has pros and cons but my properties have continued to perform well for me.