My tax advisor referred me to them, and I also utilized cost segregation on the properties, which significantly reduced my tax bills.

Because the 8% is only on the principal that gets reduced each month and when that principal comes back in the door, its not getting reinvested immediately.

Would encouraging longer stays realistically help reduce this, especially for a medium-sized cabin?

Quote from @Michael Challenger: I have no qualms with hard money lending, but I need to learn more about the process and structure to these for typical deals so that I am more comfortable and in a position to reduce my personal risk and risk to investors as much as possible.

We have had to reduce nightly rates 30% just to get bookings in my area which is Port Saint Lucie, Fl. 

Turnkey properties come fully renovated with tenants already in place, reducing the learning curve and allowing you to focus on growing your portfolio.You could also leverage local expertise by connecting with real estate agents and property managers who know the market inside and out.Feel free to connect if you want to discuss further. 

Does anyone have a template or method that they use in order to screen tenants effectively in order to reduce the risk of non payment and damage to the property? 

@Mordechai ChaimovitzGreat points made above along with what @Daniel C. said referencing @Tom Shallcross's post on another thread.The context and variables for each individual investor will vary but many people are comfortable with getting a 2-4 unit that will reduce their out of pocket expense compared to their previous rent with the intent to do rehab and raise rents over time.

So if the deal goes right, I get a return in the form of equity on the house, and my rent is also reduced since let's say, as part owner, I would be receiving a portion of the rent (which I would be paying...).

Purchase price: $715,000 Cash invested: $297,000 Current Price: $830,000 (originally $950,000 on 4/13/2024, reduced by $120,000 in 6 months).