Thanks Andy and Emily, I've learned over the past week or so that the regulations are much more stringent than I had anticipated in the triangle, making finding approriate properties for STR investment challenging.

Next, take advantage of free tools such as Zillow to examine the current housing market, and use Airdna and Rabbu to compare pricing with anticipated returns.

If so, how was the experience and are you getting the returns anticipated? 

At least, I can anticipate what might occur in my life within the next 3 years.  

We moved here for my job in the Air National Guard, anticipating a twenty year retirement while building a real estate company on the side.And then life happened.

The first phase is slated for 2024 and anticipates 510,500 square feet of office space and 140,200 square feet of retail space.

If you anticipate refinancing to a lower rate soon, say 3-5yr, I'd put it toward the down payment as you'll want more equity in the home when you refi, you'll likely spend more than 5k on refi costs, and your interest rate will be lower anyways.

You ask for additional credit for work you "didn't anticipate". 

So long as you have a contingency to protect the EMD, there is no risk in losing it if you need to cancel.How long do you anticipate needing the EMD before the close date?

I anticipate that we will do counters cabinets and tile around year 5 to make it competitive with all of the new builds but with students all you are competing with is being a better space than undersupplied dorms and showing cost savings.