I think also folks that do the STR have to realize the 35 to 50k spent furnishing the home is what many times makes these negative cash flow and of course over a 10 year run the furniture most likely will need replacing upgrading to keep relevant..

I am curious about any potential barriers to look out for- timing, access/cost supplies, labor force?

In others experience is this return worth the risk given Multi-family environment ie supply, interest rates, project specific risks, illiquidity risk, and more specifically the Preferred Equity subordinated tranche risk (this sounds like just a Mezzanine loan without recourse).

Your returns in investing ultimately come from exchanging terminally abundant goods (fiat dollars, debt/future fiat dollars) for terminally scarce goods (high quality, supply constrained real estate).Selling to go into cash isn’t of interest unless I have a short term need for that cash or am funding another purchase.

Still need to clean it with regular household cleaning supplies, keep the dehumidifier running, and try to increase some air flow if possible. 

@James Hamling thoughts on supply vs. demand and rate lock-in? 

That is the sixth month in a row that the supply of homes for sale has increased.

There's a lot of demand and low supply for pet friendly.

We are in a supply shortage with high demand BUT there has been a lot of demand on the sideline waiting for rates to fall.

. $24k cash that the buyer(s) did not have to come up with to close and could be utilized towards the upgrades, furniture and furnishings or mortgage payments until their rental gets up and running.