We were planning to sell the property as townhome/condos but ending up selling to a Airbnb short term rental buyer.

Rates, closing costs, and points also play a huge role in making the right move and can save you extra.You also want to make sure you have multiple terms like ARM products, Interest Only, No Prepayment penalties, etc.If you want to talk REI feel free to reach out I enjoy helping when ever possible.  

Sell it?

Back in Washington where we fix & flipped properties I did anything from general contracting from demo to finishing touches, managed project budgets & timelines to stay within our projections and SOW, raised capital for down payment on hard money loans, interest on loans and rehabs, worked with my hands (best at flooring, trim, caulk, cabinets, fences, punch list items) and was the real estate agent for acquiring and selling our flips.

From Cope Equities:"This project is already begun – no risk of it not starting – it already started, a $44 million dollar project ($29 million in costs, approximately).

Also have a talk with your agent to see what houses are selling for. 

My main concern is the cost of turning the property into a MTR especially with this being my first property.

The larger the deal, the lower percentage the fee should be.1-2% Asset management fee5-8% preferred return to investors (I don’t like higher than 8%, as this forces the sponsor to sell, in order to profit)70/30 to 80/20 split (I don’t like 90/10 splits, as there is little incentive for the sponsor to perform)A waterfall that incentivizes the sponsor at a 13-16% IRR is ok as well.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620, many blemishes, but should have no evictions in last 2 years.

If the property can be respectably sold for $250 you have to be all in at around $200 including the commission and carry cost.