So, I see why you'd ask about it here, but 95% of these folks are buying residential properties with residential loans and converting them to STRs.As for the underwriting...who knows! 

I have come across quite a few folks who purchased and planned on renting only to find out they can't or have such crazy restrictions or costs that is doesn't make sense. 

There have always been times when 'the experts' said it was going to be bad But everything changes Inflation will make some of the big money folks look elsewhere.

Great opportunity to meet folks with a ton of experience.

Hey BP folks,Was hoping I could get some insight into the below deal that I currently have under contract, where we are looking to turn a vacant 27 unit apartment complex (45 beds total) into an assisted living facility.

There are a lot of like minded folks you can chat with.

if your FIL  does not mind  I bet most folks on this site would advise you sell .. 1031 if you canand roll that up to a bigger income producing property. 

It helps to have a large network of contractors (either a trusty GC to handle the whole project or you need each individual sub... painters, tile folks, electrician, plumber, etc.) for homes that need a lot of rehab and that can be hard to find from a distance.

@Chris JohnYes most new investors think Investing is all about Cash-Flow and they believe any property that did not cash flow in the first month or two is a bad deal (most new folks don't look beyond the first month).Cash-Flow is great but is only a jacket or umbrella for the cold and raining days. 

How have folks here approached this.