p16  "Salzano used this money, much of which was traceable to Fund investors, for an array of lavish personal expenses, including erectile dysfunction medications, expensive dinners, extravagant birthday parties, and payments to Individual-4 (Salzano’s wife), Individual-5 (with whom Salzano had a romantic relationship), and Individual-7 (Salzano’s ex-wife), none of whom worked at NRIA in any capacity."

Industry still looks at STR as a bit riskier than LTR cause there's no lease.Lots of investors use bridge loans which are short term loan programs that include funding toward the acquisition plus funding toward the rehab. 

Moreover, other investment strategies are worth exploring if you are predominantly interested in high-yield cash flow; these include rent-by-the-room (which Josh and I are well-versed in), short-term rentals, and medium-term rentals.

This means that the Spanish government's rental price index will force us to achieve a paltry 2.5% gross return on our premium area apartment.Additionally, the situation with "squatters" (Okupas)  is worsening in all areas of Spain, including in areas considered "ultra premium" such as "La Finca" in Pozuelo de Alarcón, where footballers and singers reside (Cristiano Ronaldo lived there when he played for Real Madrid).

And again, this is still not including any capex/repairs.  

Imagine how quickly the "typical' U.S. family could own a home with no debt if three generations lived together and paid one home off instead of renting three? 

In California, diverse housing options are encouraged, including Accessory Dwelling Units (ADUs), reflecting a broader trend toward inclusivity.

For example, if in-unit washer/dryer hookups are the norm, I would include the actual appliances as a simple way to exceed the expectation.

75% of ARV is the max you want to go when you include all your costs. 

We are doing everything we can to hold off until then but with the increase in taxes, insurance, and debt; it's really getting difficult to be able to wait it out.