My parents are putting me in charge of the entire investing process because they're too far retired to want to deal with it, so naturally I want to make sure I'm making the best decision for all of us. 

Not sure what neighborhood you're in, but it sounds like it's a class C/D property, which will naturally have a harder time attracting tenants that will (a) pay on time, (b) maintain your property, and (c) stay for long periods (which matters in the long run). 

In FME when pricing is "too high", by nature it opens a door for new competitors to emerge competing on price, driving market prices DOWN. 

They purchased it for $3m, put $750k into it, we expect it to appraise for $5m, and are seeking loan proceeds of $3m.Here are three commercial mortgages that might be a good fit (click to enlarge, if necessary):Not listed there, but from left to right: Points are 1.25, 1.5, and 1.Prepayment penalties are 5 years, no, and no.The way to read "3/25, 15 years maturity" is that the rate is fixed for 3 years then adjusts, it has a 25 year amortization, and a balloon payment at the 15 year mark. 

Step #PhaseStep1DiscoveryTalk to experts and learn (process, tips, design tips)2DiscoveryCreate social media and document story3DiscoveryGeneral research - budget considerations, financing options, permits, regulations, tax considerations4DiscoveryMarket research - competitor analysis, analyze guest reviews, market trends5DiscoveryGather ideas/inspo (blogs, articles, youtube)6DefineCreate brand and vision7DefineCreate guest requirements (e.g. coffee maker, natural light, near activities, etc.) and prioritize must have, nice to have, etc.8DefineSketch idea for look and feel (architecture and design) - map out the floor layout9DefineConsult an architect (is this needed?)

Naturally we are a bit nervous, but we have solid exit strategies in place which helps to reassure our confidence!

Naturally, there's no universal solution, but I'm more than willing to share with you.

I cant tell you what to do , but investing in rentals over the long term has been great for me , some times there are more repairs , sometimes less , but thats just the nature of the business

More than anything this will exclude you personally from claim history (some of which is without merit and is the nature of the litigious society we live in). 

We might not live like it, but we are interdependent on our environment and nature.