The answer is based on your goals.Short-term goals are tough. 

If these continual expenses are not made  you end up with slum properties renting for a minimum weekly rate to transients.I don’t know your properties so I can’t form a specific opinion; however, based on the information you’ve shared I trust your opinion and knowledge.  

It may also be difficult based on the figures you provided. 

My wife and I are investors based in Santa Barbara and have had Croatia in our sites for a few years.

The real obstacle is not the STR loophole itself but the tax benefit that it's based on.

This deal was brought to us by our relator and was also a civilian that worked on base that was leaving the area.

Based on your post;1.

Hi there, I'm David Kanarfogel, an attorney based on Long Island with extensive experience across commercial real estate and CRE finance.

You are in a great place to learn based on the successes and failures that many have had.  

I don't want to make concessions/value reductions based on hypothetical work that they could then vote against.