From my research, I'm seeing $100-$150/sqft depending on complexity and material.

Any property that has a claim will be tough to get through escrow.  

In today's market it will tough to find a tenant at 3 times.

The cost of labor , materials , property taxes , inflation , interest rates  etc .

You could argue that your property has not materially improved and does not meet the same value as the most recently sold properties.

I've been a broker dealing exclusively with multi family property over the last 20 years.Landlording is a tough job. 

there are several posts on here about capital calls. without more information it is tough to respond but typically a capital call is because the offering is having issues with cash flow - whether it is because a loan is becoming due or some other reason - that is the primary reason - needing an influx of cash. can you provide more details?

Overall I think nationwide it’s getting very tough to get into the STR space and make money and the fact that a municipality can tank your business at any time calls for a strong back up plan from the start!

I didn't use it, but I looked at the marketing materials.

@Steve CrispIf you meet the material participation guidelines and qualify for the short term rental loophole you should get a free cost segregation estimate to see how much you would benefit from the accelerated depreciation.