So you may actually be able to make more money with much less effort if you did convert this to a long term rental.I am very active in the market here in helping people from out of state buy and sell condos.

Which would be to borrow the money to fund 1-3 residential flips, in order to pay back the loan and then have more capital to then actually build on the land starting early spring of next year. 

I have a lot of personal experience with BRRRR—both from building my own rental portfolio here in Memphis, TN and from helping both local and out-of-state investors successfully scale their portfolios using this strategy.One of the biggest advantages I’ve been able to offer my clients is structuring deals with hard money lenders in a way that allows them to acquire properties with less than $10,000 out of pocket in most cases which results them in massive cash on cash returns!

The other way I fund deals with none of my own money is using a private lender that I have years of experience and relationship with and/or using HELOC and other business lines of credit.

I do fix and flips and take the money to invest as a General Partner on a syndication team.

They provide lines of 0% credit with an 8% fee, hard money and DSCR loans among others. https://www.rammfinancial.com/Thoughts?

I’ve read Kiyosaki’s books, too, and they completely shifted the way I think about money and investing—such a game changer.

Don't underestimate how much money you could spend when you're trying to get an airbnb ready. making it unique is very important, and it's very easy to overspend!

They are just giving you excuses because the do not have the money to pay their rent. 

Double coverage seems like a waste of money to me and a possible finger pointing fiasco if a claim happens.