I have financed a number of STR properties and they will usually be appraised as a pure real estate as vacant value and a cash flow adjusted commercial value, sometime separated as going concern and real property.  

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However, we are taking over from a PM to self-manage and are inheriting the current setup.Our biggest concern is that this first communication from the tenant was a sob story asking for $500 back/off rent.

If you were looking at buying in Florida, but your lender is in NY or California, they dont really have to be as concerned about their reputation because the realtors (most likely) will never work with them again. #1 is the primary reason, but #2 does factor in as well.

They’ll take care of everything from listing and tenant screening to addressing tenant concerns.

My biggest concern is not the concept itself.

If you don't have $3-5M of dry powder to deploy then you are going to be in for a long journey because remember, without the W2 income lenders are going to be more concerned with liquidity so some of that money has to sit on the sideline.

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My concern us that the contracting company is owned by the property manager. 

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