...if so, how is it performing?

(Only if you are SERIOUS about real estate as your wealth/career vehicle.)Make sure you join a brokerage that is large, established, and has a reputation for top performance and excellent training.Once you learn the basics and get out into the field to see the state of the market, you'll learn the price points and be able to know a good/great deal when you stumble across it.I have made some of my best (most lucrative) buys from meeting with a seller who wants to list, and when we discussed the price, I knew it fit my parameters, so I bought it! 

The new property has to perform enough better than what you have to pay the higher interest rate on the higher balance, AND ADDITIONAL profit just to payback the $65k you lost selling.

Instead of this, I find it more helpful to look at percentile performance across the market for a specific asset type, and also to check comps.

Performing or non performing or both2. 1sts and 2nds ?

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – so, they often select the first PMC they call or that calls them back!

If you can build confidence that regardless of how the STR performs, you will pay the rent every month and take all the risk. 

Connections, luck... contractor at the time was problematic and not delivering which gave me the opportunity to out perform.

Will add though, that a good PMC will immediately alert an owner about what their property really is and the expected challenges.Unfortunately, a decent portion of the time we do this, owners either don't want to believe the Evaluation Video we send them or decide to sell.realistic expectations of performance through different asset class's is key to happiness  

Maybe if you can prove that you are actively trying to gain compliance, that will get you the much needed time to gather $, time to pull the permit and ppl to perform the work bc they will have a bit of mercy on you bc you are trying to do the right thing.