I am of the opinion that the best STRs are properties that don't compete with hotels - meaning that they are 4-5 bedrooms for large groups or have a unique location/setting. 

But, this house went under contract in 3 days for $20k over ask, with multiple competing offers, in an area where the average days on the market for newly renovated flips is 100+ days! 

You'd have to do the research locally, market by market, to determine who the players are.

Agree, STR are saturated but given the numbers, I expect unsuccessful players will leave the market.  

The pref layer is a third party institutional player.  

Extremely competent team and great culture!! 

Consult with competent legal counsel to guide you regardless of your choice here.

You can check out this group to know who the players are.

The PMC I left to start my own PMC had at least 2 "preferred contractors" related to key players in the office so high rates and poor service fell on deaf ears. 

Here is some key information:Property recently hit the market and has 2 cash offers alreadyThe seller provided a pre-inspection report, which I shared with 2 different lenders, both think it may fail conventional financing due to potential structural and electrical issues (realtor thinks it could pass conventional)Seller has 100% equity but is behind on other payments (not sure of the urgency money is needed)This is my first attempt at an “investment” property so I’m new to thisI see 3 optionsMove forward with an offer using conventional loan pre-qualification-Not as attractive of an offer to the seller-Possibility that appraiser calls out structural/electrical issues that need to be fixed before closing, effectively causing financing to fail- Best terms and fewest loan fees for meUse a rehab style loan such as ChoiceRenovation-Even less attractive than a conventional offer to seller, but less risk of failed financing if appraiser calls out issues-Slightly worse fees and interest rates compared to conventional-Lenders tell me possibly up to 60-90 days closing in some cases, with red-tape for contractor requirements and draw schedules (sounds like the most hoops to jump through during rehab)Use a hard money lender-Most attractive loan option I can give to seller so I can compete-Much higher fees and interest rate for me-need to refinance into a conventional at the end of rehab (not familiar with seasoning periods but I think this is a factor as well)Which option would you do?