Competent sponsor, capital call large enough to completely escape existing toxic loan with cash-in refinance to a lower-balance loan with a long maturity—good outcome possible, even probable, if there is no other “hot money” in the deal such as preferred equity or priority share classes.There are surely other nuances I’ve missed here, but this is a start. 

In the mountains I imagine it is a hot tub, views etc.Using a tool like AirDNa can cut down on research time sifting through listings and gives you a better idea of occupancy. 

The current area we are living in is very expensive and is heavily deed restricted"....sounds like you're currently in a HOT area. 

We continued the install because it was really Hot and we didnt want the seller to be without AC.

With housing demand being so high in this area, and homelessness/affordability of housing being such a big hot-button issue, you'd think cities would do everything they could to provide more affordable housing.

We have a chronic housing shortage, which results in an extremely hot rental market, but it also makes buying very competitive.

Another friend's hot tub has been out of commission for over a month while he awaits a hot tub repairman.

The key drivers are still there (appreciation, hot market, as I mentioned) but you need to look at the real data - that is based on Public Records and Listings / MLSs. 

***Self directed IRAs have become very hot among investors with the rise in popularity in alternative investments such as real estate, gold, and cryptocurrency.

We actually just added a cool hot tub on top of a boulder at our property out in Kentucky.