With that being said, do yourself a favor and do the research yourself on zoning, valuation and ACTUAL rent before talking to STR specialists who make a living on selling these =) Just my 2 cents...

I generally try to put my October through January lease starts on 18 month initial terms to better align with more favorable leasing periods when the units come back to market.

We were discussing options for payment as we don’t have a lot of capital at the moment, however they have a property that has a bit of equity we could tap into, but they already have a favorable interest rate.

Don’t do any favors, this is your business, so treat it like a business. 

The Bayport Dr deal intrigued us due to its market-ready condition, favorable purchase price, and high potential for profit with minimal effort.

If you are not already working with a realtor that is well versed in STR and knows ALL of the requirements for STR, do yourself a favor and reach out to @Josh Green.

The initial plan is a 1200 sf build out with plans to expand back away from the cliff later as finances and interest rates are more favorable.

Your pictures aren't doing you any favors.

However, given the way interest rates have gone, I wonder if it is still viable to do the BRRRR in 2025 on homes purchased in 2020, or 2022, given that you are probably giving up favorable interest rates when you do your refinance for current rates.Is the BRRRR more feasible when your refinance occurs at a similar interest rate as the rate at which you purchased the property?

Also if it's for a BRRRR, it can change the economics on the back end in your favor.