We have some short term debt we need to pay off at the end of July (300k).

It could be that the typical rental is circa 1990.

@Robby SanchezI like your long-term thinking and master plan.

Short term, long term, floating vs fixed.

Ensure it has enough appeal to be a successful STR (short-term rental) too.

@Nicholas LIt appears that you are conflating costs and expensesCost is typically a one time event while expenses occur on a daily basis for line items associated with the operation of the property

I know some great syndicators and I personally partner with investors on deals and typically get them returns in the 15-25% range depending on the type of deal. 

This property is primed for short term rental (night to night) with conservative estimates of ($40,000-$50,000) per month.

We you are getting paid in arrears it's very hard to front all the money to pay the subs...often times too many projects are taken on ana then Peter is Robbed to pay Paul.My suggestion is to first READ THE CONTRACT, then based on the contract terms give him a VERY CLEAR & SPECIFIC TIMELINE to rectify the work if it isn't done you  MUST move immediately.

Together, we negotiated favorable terms with the seller, ensuring a beneficial deal.