Hard money was the best option for this property, given the condition and timeline to close.

Personally, if your market tends toward the former condition (better/normal appreciation) I think it's a fairly safe deal looking at the long term, assuming infrastructure around you continues to support the idea of renting it.

If rates come down at all I predict we’ll be back in a strong sellers market (competitive offers, steep appreciation etc) because inventory is still low. 

The fact that you already have multiple units fully rented is a big plus.If I were analyzing this, I’d start by verifying each cottage’s rental history, condition, and potential for adding more units or amenities.

I've often found that the biggest competitive advantage you have when you are getting started is proximity! 

You should be within $50- $100 of market rents for long-term tenants with taking into account the condition of the property.

I would lead with what the draw is and what sets you apart from your competition.

He is very knowledgeable about market conditions and is happy to share his research.

In the event of catastrophic market conditions, you would still be even with your property value/mortgage.

Competitive rates.