Are they using market rates for their labor, or are they only counting $20 an hour when a professional would charge $45?

This will be my first time investing in that area.

What would lead you to believe that a 50% premium could be charged over normal long term rental rates, just for a furnished property?

For those willing to embrace a broader horizon, long distance investing not only enhances potential returns but also builds a resilient investment strategy with significantly lower cost to entry for real estate investing.I’d love to hear your thoughts: would you consider long distance real estate investing to seek out greater rates of return and a lower investment cost? 

Congratulations on your first investment property! 

If it's currently an STR they should be able to provide you with the p/l statement from prior years so you can see gross rents, operating expenses, average daily rates and occupancy levels.

An optimized texting campaign should be getting 1% lead rates - meaning if you send off 500 texts, you should get 5 leads back.

I will say that during that time, the HELOC interest rates were very low.  

Your lawyer should have told you what the building was zoned/rated for.

The key is to analyze occupancy rates, seasonal fluctuations, and what type of properties perform best.