Thanks for the recommendation Jeffrey! 

Is this a conversion that will also require substantial renovations?

Be sure to do your due diligence and make sure the PMC is licensed (if required, it's not in all states) and insured.

There may be strategies that require a little more blocking and tackling, but the price, location, and amenities of your property is what is going to attract your target guest.

When you finance through national lenders, in your experience, is a balloon a common requirement for commercial loans of this nature or is it possible to get a fixed rate for 30 years?  

If STR material participation requirements are no longer met, depreciation deductions may be limited, impacting how much you can offset against active income.

So, I also require that :Monthly Rent + Monthly Debt Payments <= Gross MONTHLY Rent * 45%This is similar to how mortgage qualifications work by considering the applicants' debt loan along with their housing cost in relation to their income.

In addition, the Grantor will probably be required to sign the same seller's affidavit that are needed for a non DIL closing. 

Verify income: Always make sure they make 3 times the money required monthly for rent.  

At the current scenario, without knowing anything about you or your properties I will recommend either to look at a loan from your assets using DSCR loan.