In a similar fashion, if you can imagine how much landscaping and underground infrastructure is in a golf course as compared to the clubhouse, that will give an indication of why an extremely high percentage of the property's value is allocated to the land improvements. 

I had to mail mine in MULTIPLE times because each time they received it, they found YET another thing to reject it for (not signed properly, points not categorized under each broker, business entity not organized properly, etc. etc. ) - imagine how backwards this is when they could just go through the entire application and tell you in one shot all the deficiencies you need to rectify and to mail it back again. 

This is so ugly I can't even imagine the wild stuff that is going to come up when you start peeling back the layers.If it was me I would aggressively trying to exit the situation like it's my full time job.

There would have to be a lease agreement in place for the entire term, that should prevent any issues I imagine?

I cannot imagine someone spending their hard earned money to make their room look like that. 

Now imagine if you were part of a *COMMUNITY* of investors that go out of their way to help one another? 

Let's start with the simplest reason of them all: imagine your CPA is working on your taxes.

Definitely second this - if you were thinking of taking 65% for yourself I would imagine you're pretty new to the STR management space (not a criticism, just an observation).

I can't imagine you force the person under the wrap to sell, that seems unlikely.

I imagine these go delinquent first.