investors can figure on 10 to 12% return on PMLs   generally they are short term 6 months to 18 months.. in my 40 plus years at PML I find most investors started as landlords then tire of it and start to diversify.

Was that purchase money, rate and term refi, or cash out refi?

I’ve been hearing some chatter about large hotel chains lobbying significant funds to push for regulations or outright bans on short-term rentals like Airbnb.

I think that strategy works best in higher areas or mid term rentals near major employers.  

The property that I have, my family owns is not currently an Airbnb or a short term rental.  

Short-term rentals are becoming oversaturated in certain markets plus anti-STR legislation is resulting in some of those properties also converting to long-term rentals.You already have the operations experience by self-managing.

We want to see equity, seasoning, a quality borrower, and good terms. 

@Martin Manning To add onto what others have shared, in the most simplistic terms, apartment complex values are based on Net Operating Income, or NOI, and the cap rate.Price = NOI / Cap RateSo, if an apartment complex has an NOI of $100,000 and a market cap rate of 10%, the value is $1,000,000.Listing agents for complexes love to price based on a pro-forma, which is utter nonsense (unless you're in Austin, in which case apartment complexes apparently have floors made of gold).

Keep in mind, you should have already had a conversation with the hard money Lender to know their terms and process, and be ready to perform. 

Since you’re planning a mix of long-term and short-term rentals, keeping detailed records and setting up a solid system for managing finances early on will be key.