I attribute this low rent due to cheap 2 bed apartments closeby that are renting for mid-700s.

My thinking is to structure the private loan to have interest-only monthly payments at ~3.04% APR (the IRS AFR for mid-term loans) with a balloon payment of the principal at 9 years (the maximum length for mid-term loans, as defined by the IRS) and no pre-payment penalty.Thoughts, suggestions, concerns?

Then get it cleaned up and re-rented as fast as possible (you might be able to find someone for mid Aug) and move on. 

However the due diligence work load upfront can be formidable and quite different from singles.

While I think nightly rates may go down during a recession, I don't anticipate a crippling hit, for a couple of reasons - 1) these drive-able destinations are going to suffer less than destinations that require flying, and 2) luxury properties will be the first to feel the hit, because those luxury travelers will start looking for mid-range properties instead.  

Consistently finding tenants for mid-term rentals requires a proactive approach and effective marketing strategies.

.- When the windows come in, have your installer guy install them for you.You should expect to pay about $120-180 each for mid-grade vinyl windows and you should expect to pay about $30/hour for the labor.

Most larger investors are only looking for mid single digit returns.  

@Juan Vargas @Omar Khan I'm aware that the 203k is for residential which is why I said LIKE a 203k......it would be awesome if 1 day (hopefully soon) there was a loan for mid sized multiunit properties or perhaps an extension to the mixed use 203k (small residential and commercial combined)  where you could house hack and reap the benefits that come along with it.....in the mean time (I'm really hoping this pops up some day LOL) I'll check out the banks.......do either of your recommend any bank in particular that is medium size multi unit friendly?

Columbus has several big hospitals, which makes the city a great candidate for mid-term rentals.