Quote from @Diana Mulvihill: I think "soaking tub" is a more accurate term.

If you give them a shorter term lease, do it at a higher rent as you are going to be inconvenienced trying to find a new tenant at what may be a hard time of year. 

Terms should include interest rates, repayment schedules, and contingencies for unexpected issues.

Going this route over high closing costs would save you more money as long as the work can be done in reasonable amount of time.

Firstly, it's important to point out that Pismo Beach, like many other California towns, has imposed stricter regulations on STRs in recent times.The city has drawn a distinction between three types of authorized 'Less Than 30-Day Rentals,' specifically a "Short Term Rental," a "Vacation Rental," and a "Homestay Rental."

The reason I went with them instead, is Ameircan offers a 80% LTV 30 year long term whereas Century at the time only did 75%LTV. 

I know that in Mississippi the rule of thumb seems to be that as long as the lot can meet the frontage requirements, construction is permitted.

On Monday this week I hosted my first Zoom training on Underwriting and it was a success!

I've been long small cap ETFs and specific small cap stocks, long BTC, long platinum, long gold, long BDCs, long fixed rate debt(sub 2 year) and long puts against mega-cap.

The flipside is that I expect the expensive markets like Beaufort will continue to appreciate strongly in the long term.