I’ve seen some deals that paint an unrealistically bright picture.  

Let’s be real: Not every deal is going to close. 

The institutional firms that do this type of lending (we deal with them every day) have to "securitize" the loans...meaning have their hedge fund/Wall Street backer bless the deal.

One tenant had a lease that has since expired but that lease wasn't triple net and the other tenant never had a lease because it is the family business but the lease is triple net.

When structuring a deal, what might work for one person, may not work for the other.

It sounds like you want cash flow and to scale, in this time and most markets you need to find a deal where you can add value. 

STRs, in particular, are closer to running a hospitality business than a passive investment, with constant guest turnover, cleaning coordination, and regulatory risks.

Purchase price: $4,100,000 Cash invested: $2,000,000 79 unit value add apartment complex with roughly 800k in cap ex completed What made you interested in investing in this type of deal?

So depreciation does not affect your borrowing eligibility, however most other business expenses do.

FWIW, most of my business came from VRBO until Q2 2024 and then it completely flipped.