They might offer better terms or be more flexible in such situations.Partnerships and Investors:Bring in Investors: Your friend might find investors interested in contributing capital in exchange for equity in the property.Form Partnerships: Consider forming a joint venture with a developer or another property owner who can provide the necessary capital for rebuilding.Similar Experiences and AdviceCase Studies: Researching similar cases can provide insight into how others have handled such situations.

My only contribution as possible food for thought for you is to ask whether you have the ability to move to a less expensive area and house hack there? 

We also are considering continuing to contribute to the stock portfolios and open a line of credit when it makes sense.

The high vacancy rates in apartment properties in Memphis may be due to economic fluctuations and demographic shifts; however, they create a favorable environment for potential renters to find affordable housing and for rental owners to innovate and improve their offerings, ultimately contributing to a more dynamic and resilient housing market.

@James Carlson Your contributions on this group, especially your insight with regard to CO, have been truly helpful to me.

I look forward to connecting with you all and contributing to this amazing community.

Also, agree on how the property will be used, who can live there, and under what conditions.Contribution Reconciliation: Determine a process for handling situations where one party cannot meet their financial obligations or if there are significant discrepancies in contributions to expenses.Legal and Professional Fees: Decide how legal and other professional fees related to the purchase and management of the property will be shared.Taxes: How will the tax advantages be divided?

We'd love for you to contribute!

I would say your Tenant Screening Process would has the most contribution to your journey. 

It can help maintain or increase property value, appeal to a wider range of guests, and contribute to overall guest satisfaction and loyalty.Overall, hiring a professional designer for your short-term rental can elevate the guest experience, improve occupancy rates and profitability, and position your property as a desirable option in the competitive vacation rental market.