I’d love to hear your thoughts, especially if you’ve seen these challenges in your market or have insights into how STR investors can navigate this potential shift.

Covid was challenging for my rentals that historically had college kids as tenants.

Hopefully, some of the lenders posting here can address that challenge...

Technically, Sub-To is legal, but the way some "gurus" teach it, I have problems with it.

Challenges?

I suspect that you'll have better luck with a local bank or private money, though it likely will still be challenging. 

What are the biggest challenges people have faced with this.

The biggest challenge seems to be finding lenders that offer these loan products which is where I’m looking for help from the community with recommended lenders that serve Texas.The Fannie Mae (or Freddie Mac) options are preferred over FHA purely because of the (perhaps perceived) limit on renovation funds that the FHA option provides.

I only ask because that is, in my opinion, the most challenging part.  

Of course, these properties are full of challenges so be prepared before you start.