(I am a silent investor, the developer is doing all the heavy lifting, and we split profits at the end)It sounds like you’re being really strategic here, which is smart.

If you want to close with cash, it sounds like youre going to have to liquidate your collateral or borrow against it, which will likely be more expensive that a mortgage.

If the work needs updates, that’s where it can add up, but $30K sounds like a reasonable cushion based on what you’re describing.It sounds like a solid deal, especially if the cash flow is good.

Sounds well though-out.

I wasn't around hosting during the COVID days & certainly sounds like they should've honored the hosts cancellation policies but know COVID threw a wrench into everything, no matter the industry.

A great lake front home doesn't have to cost a mint but it sounds like you want something that is really fantastic which will bring a higher nightly rate.

@Mike Terry sounds like a pretty good argument to go after the property, I think your question is more along how to value it, and account for the deferred maintenance. 

Low or no down, seller financing and low or no interest with a balloon payment later is the holy grail (location, building condition, market also matter but it sounds like you have all that).

I realize I don't have the actual NOI, but that price sounds super high for the gross income you're stating in your narrative.

The only thing that sounds out of the ordinary here is the water bill