If you can get this property to perform at a 6 cap and you are in a B-A hood, then probably good, if you are in a C-D, then I think you are asking for a lot more headache than it's worth.

@Ray TroundayWhen I plug this into my performing note calculator spreadsheet, I get an IRR of 21.4% which is close to the yield you calculate above. 

Get some STR reports to see how the markets have done and are projected to perform.

All that counts is the price and financial performance.

in my Pet Addendum: "Tenant will perform regular housekeeping duties, including sweeping and vacuuming, clean up all waste, and assume all responsibility and cost for any damages, cleaning, replacements or any other expense to the property that are a result of the animal."

It may be a bold statement, but the underlying assets here are likely to have performance problems in the coming months.

Are your performing notes now not performing? 

I would have fired people quicker who were not performing in my organization and found better partners.

Structural engineer said with the vaulted design we want, it's like we're performing surgery on this old 1948 home :Phonestly, i'm learning so much, so much fun!

@TJ BoutaughIt depends on your level of activity.If this is not in your trade or business, the interest income will be considered portfolio in natureif it is a trade or business, you may have to source the income based on the rules of states(Cost of performance vs market based sourcing).