In short, securing an STR permit isn’t easy unless you fulfill all the township’s requirements

Can anyone shed some light on what kind of down payment, terms and qualification requirements we would typically be looking at for an SBA or low down commercial loan?

I just secured a deal in Solterra which seems to have everything in order regarding rules.

I guarantee you are more likely to secure favorable terms if the seller likes you and can imagine you as a great operator for the business.

Don't accept ANY partial payments.

Focus on key areas first (like floors, walls, kitchen, or bathroom), which may help you handle the costs more gradually, even if it means moving in furniture or updating fixtures down the line.Also, since the tenant left it in rough shape, be sure to document all the damage (photos, receipts) in case you decide to pursue reimbursement through their security deposit or in court.

And of course, if your actual cash value is less than the current mortgage(s) on the property, all of the cash value payment will go to the lenders. 

My girlfriend and I have been looking at properties over the last couple of months due to life situations changing and having a decent chunk of change saved for a down payment.

Here are the key details of my situation:Rental Property Details (Note: This was our primary home till 2017):Current Value: $970,000 to $1MPrimary Mortgage Loan Balance: $505,000 (@ 2.6%)Took Home Equity Loan on this house to make down payment for my current primary residence.Home Equity Loan Balance: $123,000Total Loan Balance: $628K (Primary Mortgage + Home Equity Loan)Rental Status: OccupiedPrimary Residence:Purchased in 2022Mortgage Rate: 7.3%Current Loan Balance: $650KMy goal for 2025 is 2 fold: #1.

Look for a place where you can secure items that you do not want tenants to have access to.