Unfortunately, banks don't generally like to finance the rehab/construction of investment properties.

My lawyer suggests in a situation like this that I give them a notice that I am the new owner and that as of a certain date they owe market rent of $X,XXX.

Focus on long-term guests, like corporate clients staying 30+ days, because it’s easier and brings steady income.

We talked about an aggressive paydown at a rate of $5k for the next 6 months to make the deal sweeter for the next person, but renting it would be preferable to that I believe since I can get a higher return on smaller development projects at a burn rate like that. 

The conversation covers issues like the impact on property values, tenant rights, and the broader effects on the real estate market. 

It wasn’t easy—there were tons of repairs needed, from plumbing and electrical updates to cosmetic fixes like flooring and painting.

This is after covering all expenses and setting aside a certain amount for reserves to cover future expenses like capex or vacancy. 

Don't look for lowest rate, look for lowest cost on fees as you will either refinance out of that loan or sell- the prepay will hit you on the back of the head like a cinderblock wall.

I know some that close 6 to 7  a month like that.

We do them, but like you we often get push-back from the capital-provider funds.