@Rene Hosman - Could you please take care of this? 

Be careful.

She doesn't care that you manage the property, she cares how you manage it.

With comps ranging from $875K-$1M and your estimated build cost at $550K, the after-completion value gives you a significant equity cushion, making this project highly attractive to lenders.If you plan to hold and rent the property, you could refinance into a DSCR loan after construction, which bases lending on rental income rather than personal income.

We plan to renovate it ourselves and turn it into a 1200sq ft 2/1 to STR.

That would be for the deed, so use care not to trigger the acceleration clause with your lender.

Some gurus tell practicioners of sub-to to hide transaction from the lender by saying the lender doesn't care as long as the payments are being made.

Hi Perry, getting an LLC would be smart if you plan to scale your portfolio.

Happy to chat and get a game plan in place for you or answer any other questions you might have.

A boutique hotel is a great investment, assuming your plan is the turn it into a STR hotel as well.