From my understanding, as long as you intend on doing a STR when you close, there are no rules against changing your strategy after closing, especially if you find that something else is more profitable.So in our case, the lender determined an STR would bring in ~$3500/month (with all of their conservative factors), but now that we operate it as a huge 3300 sqft Co-Living property, it actually brings in $7000/month.

Caution:  Personal credit card financing is a huge risk and good luck finding 0 percent interest today.

There’s huge retal income potential if you nail that balance between improvements that wow tenants and improvements that merely look fancy but don’t justify higher rents.I’d also keep an eye on how your high end plan fits the local demand.

But the other side of the coin is correct - the downside, and it can be huge, is potential assessments from HOAs who aren't solvent enough for new roofs or roads or maintenance.

Low cost housing is a huge motivator to change behavior and keep their housing voucher. 

You could be facing a huge fine if you proceed. 

Even comparing Provo to NC in terms of flight duration and cost even though both have direct flights would be a huge factor for me.

Huge disparity! 

We actually just had several go in on Livingston ave on the west side where I'd not normally think would be desirable, but they look great and really brought the block up.So I'm a huge fan personally from seeing them go up in my own area.  

Legitimate lenders may charge a small application fee (around $250) to verify you’re serious, but if someone’s asking for thousands with no real intention of closing, that’s a huge red flag.On a more positive note, there are creative financing approaches out there.