@Keith Angell What are your long term goals?

Just like the asking price, just because the owner suggests one interest rate or term doesn't mean you can't offer something different. 

@Ben SyzekFor long term rentals in Colorado Springs you will need to find a deal at 50% ARV (This is very hard) or do a large down payment of 25-35%.

Leverage your W-2 income for better loan terms, explore private/hard money for off-market deals, and network with investors to expand your deal flow.Good luck!

Quote from @Steve Englehart: I currently have two long term rentals and am looking into buying into the short term rental arena.  

Nashville is a fantastic market with strong rental demand and long-term growth potential.

I assume you got a better interest rate, and I know you are saving a boatload of interest. 3) imagine year 11-30 where you are cash flowing thousands with paid off properties instead of hundreds because of these lean 10 years. 4) hopefully you can raise rents at least $100 each every year and in 2 years your cash flow neutral even with preferred short term mortgage. 

Hello @Timothy Hilario,I think there are benefits to both strategies.If you move out of your apartment and rent it as a mid-term rental, you could see decent cashflow without pulling equity out of the unit.

What should I consider about the purchase price, interest rate, and other terms? 

David, this deal could work, but I’d want to dig into a few things first. 80% occupancy with long-term tenants is solid, but what happens if a major tenant leaves?