I agree with everything @Brian Burke said besides the only difference between a 4% pref with whatever waterfall structure after and a straight 8% pref is that that you don't accrue the pref between 4-8% with the former.

@Cara Lonsdale out of curiosity, what area is the airbnb in?

I'd like to see it too out of curiosity :)

Lot's of money.If you have just a curiosity there are development type books out there that are cheap to buy.

Just out of curiosity, can you provide a little more description of the property.

Just my curiosity, i noticed you said your loan is $241,900 and your tax is $5,500.

I got a good chuckle out of it and looked at the photos out of curiosity - definitely not my dream house.   

Cash flow is the cash left after accounting for all expenses (real and accrued).

It doesn't sound like @Jose L. would be interested in this as he said he's interested in selling it now, but out of my own curiosity as this is something I considered doing in the future....Jose owns the property for 9 years and now wants to sell.

Maybe it's possible that your agent was just inquiring on their own out of curiosity and ended up with what they thought was a favorable scenario so then they mentioned it to you?