What is your required rate of return?

i would say it depends on the overall investment strategy. im not really familiar with STR rentals in your area. personally i like the long term rentals, especially if you are trying to be hands off. we have two STR's, one we manage ourselves in FL and the other in Gatlingburg which is managed by a company. even with an STR rental company, i still find myself managing the manager. both require work and are by no means passive. long term (to me) is nice given time investment. hope this helps. 

Some lenders will require as little as 15-20% down (of the total project costs.) 

Depending on the interest rate and points, this might require a broker.

Lenders that do DSCR loans for foreign investors typically require bank documents to be translated and currency to be converted U.S. dollars. 

You are definitely able to utilize hard money that doesn't require income 

What am I missing that makes this a desireable offer structure?

Ask them the requirements for a permanent or temporary residence and any short term (less than 30 days) or long term rental restrictions. 

If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee.

The bank is now requiring the following two things from me:  (1) That there be an Anti-Money Laundering (AML) Program in place