Long story short, it has been over a year and the project remained incomplete and he walked away with the money.

You can protect yourself with a short contract period.

In short it's this: Seller is facing foreclosure nightmare.

But your colleague may have been confused about Short Term Rentals (STR).

Overcoming Common Financing HurdlesMortgage brokers excel at tackling challenges that often derail new investors:Low Down Payments: Brokers can find lenders offering low or no-down-payment loans, ideal for new investors with limited capital.Complex Income Streams: If you’re self-employed or have variable income, brokers can identify lenders that accept alternative documentation.Competitive Rates: Brokers have the leverage to negotiate better rates and fees, saving you thousands over the life of your loan.Pro Tip: Communicate your investment goals clearly with your broker so they can tailor their search to your needs, whether it’s a short-term fix-and-flip loan or a long-term rental property mortgage.3.

They also have a home vacancy tax in a lot of areas which applies to short term rentals. 

I also suggest you post your listing to "Short Term Rental Listing Advice" on Facebook and let them give you more feedback as well.  

And I also see many questions popping up about running a short term rental business, which to me is more of a business than an investment although it does involve an investment in real estate. 

While short-term rentals in areas like Kissimmee, Florida, can pay for themselves and offer lifestyle benefits, the ROI typically doesn’t match what I see from my traditional portfolio of long-term rentals in North Texas.That said, short-term rentals can still be a great choice, especially if you're drawn to the area and the opportunity to combine personal use with investment income.

You can send a short response and then flag it as spam.