The comparibls tool needs tuning by removing dis-similar and old sales. 

The best part about Reno / Tahoe Nevada are it's landlord friendly, Real estate taxes don’t reassess on the sale, insurance is low and we continue to have increased in migration, jobs (no state income tax) and our own land constraint issues which prevent the market from getting overbuilt. 

These techniques, while still doable today, had its heyday in the 1970s and early 1980s when double digit interest rates combined with no due on sale clause accounted for the majority of real estate sales activity.  99.9% of loans are such that the lender wants to know the source of the down payment.  

I just became licensed (sales associate) in the state of Florida as well.

These new STR home owners then put their properties on the STR rental market are struggling with low occupancy and then make a tough situation worse by starting to drop their rental rates. 6 months later, they put the property on the MLS for sale.

Also, you don't want to lose the tax free gain on sale. 

. $1M-1.5M is typical sales range.Lincoln City - Salishan Resort is a premier oceanfront community.

We eventually closed and this property received a full remodel for it's eventual sale.

They may very well tell you the $40K scope is truly what you need...the other component is can any portions be done in phases?

Purchase price: $100,000 Cash invested: $45,000 Sale price: $285,000 Purchased mid Covid-19 Pandemic.