What I see is: 1- a very large supply in that area of both units to buy and to rent. 2- the developer's one site shows units listed at much higher prices (asking) so that part jives with the idea of a negotiated rate 3- too careful language around paper gains v record. 4- scouring the internet, very few records of actual returns. 

In fact, the rule of thumb in the industry is called the 50% Rule: that 50% of the rent will go toward non-mortgage expenses (vacancy rate, repairs, maintenance, insurance, property taxes, management, accounting, etc.).

The purchase price is right and the seller has an assumable mortgage in place at a very good rate.

As an out-of-state investor I hoped for 2/3 of it, which is roughly the average cap rate OCF delivers.)

Beyond the common terms of the loan: interest rate, overall term, down payment; commercial loans are almost always full recourse to the borrower.  

I feel like a few items, like guest count, amenities, nightly cost would be pretty easy to manually snag data on but what about occupancy rate?

I would suggest to meticulously research the area in regards to the class of neighborhoods, school ratings, crime rates and demographics as some areas cash flow well but require more "management" due to the class of the neighborhoods.

@Kyle Klineall great questions and this is the challenge right now with both prices and rates high. 

But if an old carpet needs to be replaced, that shouldn't come out of her SD.Or it could be pro-rated. 

Permanent rate buy down is not that great IMO, especially in a high rate environment when a lot of people will refi within 1-2 years of owning the home if/when rates come down.Temporary rate buy downs are great right now - The seller funds a 2-1 temporary rate buy down.