My wife and I currently have 2 single family long term rentals and would like to add this to the porfolio due to their 3% mortgage and high equity.

.)$500/month is a meaningless number without knowing what exactly is being offered and the quality of these services.

The high down payment is necessary so that the DTI ratio is within the range to be qualified for a conventional loan. 

I'm doing all our projects in Columbus Ohio but just relocated to miami. we do multifamily and mixed use development and entitlements I'll shoot you a PM. even people in miami that I meet the numbers are tough unless you do a high density proposal and are very well capitalized. 

I have sellers of a t6-8 zoned property that would take 1 million right now I'm sure in Wynwood Norte. we can go 12 stories through max incentives and put 60 dwelling units on it. we entitle the land it becomes worth 3 million, then you have construction numbers, sale prices, etc. miami is crazy. the best way to make money from a professional in this industry for 13 years who lives in miami and looks at deals in columbus and miami is development and getting involved in early development opportunities of raw land in urban settings where there is very little risk and pushing high density.

(kinda scary to be leveraged at such high LTV) (right?)

This deal is a 2 phase process: downstairs is retail and upstairs 20+ offices will be renovated into quality micro apartments. 4 Offices will first be AirBnBs (also near 0%vacancy in our summers).

I would invest into the furnishings and spending time marketing to try and get quality tenants in place.Let me know what you think of this strategy, anything and everything is welcome for advice or stories of your experiences in this arena. - JD 

The challenge I asked myself was, 'Can I make money in real estate even when paying high interest rates?'

Usually primary vacation rentals eligible for AirBNB or nightly vacation rental usage are highly competitive.