Has anyone done such a project before?

I have spent the past 12 months as an independant contractor and wish to finance a project.

From what you said, you have been stuck in analysis paralysis because you are too spreadsheet-centric.

Here's a breakdown of the situation:Current Occupancy: 80% (16/20 units occupied).Current Gross Rent Roll: $14,265/month.Market Rent Potential: $17,665/month (100% occupancy).Renovation Needs: 15 units require full renovation ($10K/unit), 4 units are 75% renovated ($2.5K/unit), totaling $160K in renovation costs.Vacancy Loss: $41,820/year in lost income due to current vacancies.Cap Rate AnalysisThe seller lists the cap rate as 9.59%, but this is based on the projected NOI of $119,858 (assuming full occupancy and market rents).

This is the biggest part of the project.

The builder could easily take on the project itself.

Nightly rates: Yes, but the benchmarks should also be lower.Year 2 turnaround: What strategies could we implement to project a higher ROI in our second year?

If you want to think about it as a math problem, it’s all about where you put your time to maximize returns while also factoring in what you enjoy doing.Picking the MarketI’m the kind of person who gets analysis paralysis.

The property is in a rural area, so I'm trying to project how much demand there is. 

Project scope:  Moving some walls around, three headers,  remodeling bathrooms, adding bathrooms, and adding a kitchen.