Because these are personal and not commercial investment property mortgages, the structures are very attractive - 30 yr fixed rates that are around 3.5%, 20% down originally, with no prepay penalties, reserve requirements, etc.

Because these are personal and not commercial investment property mortgages, the structures are very attractive - 30 yr fixed rates that are around  3.5%, 20% down originally, with no prepay penalties, reserve  requirements, etc.

Then you have an asset that (at least) some people will find attractive. 

I'd get going on a loan now.FWIW, a paid-in-full property is a target for a lawsuit, and well-leveraged property is much less attractive. 

Alternatives? 

There is such a lack of inventory with real value add propositions in many areas, so it is likely that the property will attract many investors.

I would discount rents lower than the competition as a way to attract tenants.

Would like to understand the best areas that are close to the best amenities/attractions of the area to offer the most out of a STR.

Alternatively, you could work as an employee of a builder - like Lennar or Pulte...

If I find myself having vacancies more than a week or two, I upgrade something to make my property more attractive.