There are a lot of opportunities in Georgia and it depends on what you are looking for in terms of your expectations cash-on-cash return, risk appetite, time horizon, growth etc. 

Glad to see they have whet your appetite for STR!

TI...aka Tenant Improvements...your future tenant may want to negotiate different terms for the move in, like a few months discounted rent(this could be on top of the above mentioned vacancy) while they build out the place, or some concession for the Tenant Improvements, if you  have an empty shell it could require extensive work to make it business ready for different types of business, think needing to add bathrooms for a gym(dozens of showers and toilets, lockers, etc) or adding a fully equipped commercial kitchen(walk in freezers, special fire suppression, a few extra sinks or drains) With apartments, I rarely have to do extensive build outs or concessions for tenants, even if I have full on renovation, it is almost always replace the old with same but new, ie tear out old kitchen put new kitchen in same place, same plumbing, just new cabinets, and flooring(if you are at all handy, you can do most of it yourself, or be able to estimate accuracy of bids easily).

With the money you'd save, you can acquire more multifamily properties (depending on your appetite for managing them) and then refinance into a portfolio loan in a couple of years. 

Both are sort of the evil step child of lending at the moment because there isn't much of an appetite for it.

Just depends on what your appetite for distance is. 

It really depends on your investment appetite. 

foreclosures = nonebankruptcies = nonecredit score = 680+DSC = 1.2+net worth >= loan amountliquidity >= 9 months P&IThese will vary by borrower, lender, and property but will provide a starting point for having discussions with lenders and determining their appetite for you and your property type.  

There is a significant amount of diversity in lenders appetites (and products) for multifamily, especially if your loan is less than $1MM.  

@Mike Lambert I guess all depends on your risk appetite for investing in such a country.