@Jay Hinrichs exactly the risk is even more than traditional development and the profit is actually less with more operational headaches.

There's a good chance it may not even appraise for what the seller is asking if the seller really is asking for that much more compared to others just for furniture. 

It's worth a conversation.IF you determine that selling is the way to go, $1M could buy you a comparable property in Scottsdale, depending on where in Scottsdale you'd like to be, and how much land you want on your lot. 

Compared to what?  

The new appraisal just doesn’t make sense, especially when compared to the first one.

Things like your ADR, photo quality, current ratings, the number of reviews compared to your rating, and, of course, listing optimization (SEO).

To rent the home, I would lose about $2,500 per month (based on comparable rents in my area, property management fees, etc).Both options loose the same amount by roughly 2 years, and by this time, I still will not have built up much more equity in the home to make selling it a break even unless there is price appreciation by then.My dilemma is this: I speculate that my home will not appreciate much in the next 3-5 years due to the rapid pace of development in the surrounding area.In 5-10+ years, maybe, but by then I'll have bled $150,000 - $300,000.I have thought about this a lot and feel that I mar'-too close to the problem to see the best solution.

Private Money Loan: Private lenders might be a flexible option, especially if traditional routes don’t work.

Via a study I done comparing the Preforeclosure leads that PS provided with county records for over 167 counties across TX, CA and FL.

The program is neither good nor bad, there's just different pros & cons compared to cash paying tenants.Have offered to schedule a call with you numerous times to try and assist you, but you seem to prefer posting & posting & posting - which will take so much longer:(What are the chances you'll actually invest someday, given how long it's taking you to do basic research?