I have financed a number of STR properties and they will usually be appraised as a pure real estate as vacant value and a cash flow adjusted commercial value, sometime separated as going concern and real property.  

They’ll take care of everything from listing and tenant screening to addressing tenant concerns.

My biggest concern is not the concept itself.

So we didn't have an option, we were a bit concerned that guests would want Cable TV, but we couldn't do anything about it.

At lease renewal increase the rent $50 per month and then the same the following years until it is at market rate and more than likely the tenant will leave on their own and you will have still gotten the rent for that entire time until they moved out and built up your reserves for that property.

Agree, STR are saturated but given the numbers, I expect unsuccessful players will leave the market.  

The BEST lenders I have ever worked with (as a borrower) are, as you say, quick to respond, reliable, honest, and never leave me hanging. 

Essentially 100% financing leaves no margin for error.

But I'm not sure why so many people want to leave this zip code ?

So, here is my buy offer, take it or leave it, end of story.