My wife and I are looking to purchase our first property with hopes to turn it into a STR.

After closing, we discovered that for about 5-6 of the properties, tenants had been granted "sweetheart leases", well below market rates, extending through 2027 and beyond.

I have a question though, with no experience as an employee, is it still reasonable to get my first property by Summer of 2025?

Based on the other rents you've seen, what is a fair rent rate?"

If not a brokerage a boutique niche developer/commercial builder would potentially also work to get you the exposure you'd like.This advise was given to me by a broker I spoke with when I first got into the industry and I wasn't really sure why he gave that advice, however, after somewhat following it, in a round about way, I can say it is by far the best way I can think of to get involved. 

The rate is too high and the leverage is too low to be useful.

Hopefully you have other, better qualified applicants to go with or can deny this couple on something else (credit, income) so you don't have to deal with their nonsense.They said in their first inquiry they were getting a puppy.

Over the last 5 years you're looking at a Compounded Annual Growth Rate (CAGR) of just 3.11%. 

Have you faced obstacles with high-interest rates in private lending?

You can use the proceeds from the bridge loan to cover the down payment and closing costs on a new property, which enables you to buy a new home before the first one is sold.