I would first check city/county STR rules and HOA (if applicable). 

Remember, the notion of amassing wealth without investing is a dangerous myth perpetuated by self-proclaimed experts.

I always play it straight on loan applications for they can be enforced for 10 years from signing. 

(C)(1) If the parties dispute the disbursement of the earnest money and the purchase agreement contains the provision described in division (B) of this section, not later than the first day of September following the two year anniversary date of the deposit of the earnest money in the broker's account, the broker shall return the earnest money to the purchaser unless the parties provided the broker with written instructions or a notice of a court action as described in division (B) of this section. 

Keyword "IF", as in if they choose to or if is even applicable or happens. 

@Adam M.Who has time to do that, much less the time to wait for a container to come in etc?  

They could self manage for several years, using the rental income, until the next phase of their retirement.If they have a decent amount of financial discipline, they may want to get a HELOC now before they build to get the most favorable rate.

However, without significant updates, they’re likely to reject your application outright without leniency. 

The city made me conform to their exact permit application process which was burdensome and frustrating.

So accepting and approving multiple applicants is the norm?