I've picked up from a few others on the forums the banks rely on the fed rate for their construction rate financing, and this seems to be where the rate currently exists. 

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Most of it is upfront, there are insurers in Raleigh that can get you a better rate for an LLC.

@Jeremy Rosen I am a little interested in STR but have concerns about occupancy rate, chaos from being in the same building as the renters, and the capital to not only buy, but also, furnish the STR. 

My own belief on RE is that we are in a more challenging period than 2012 to 2021 largely due to rate hikes.  

The family upgrade, the "just because" bigger home buyer, the empty nester downgrades, the 2nd home, etc are choosing to wait and see, due to news of inflation and interest rates.

However, the lodging tax is NOT included in this average daily rate. 

While it's not necessarily a deal breaker it's important to ensure that you are paying a reduced rate for the house.

And then the rate will go up to its normal rate, probably 12-15% depending on the card.