Any advice or recommendations would be greatly appreciated.Best,Joey

That level of cash flow, combined with the appreciation potential, could definitely be attractive to a new investor, especially if they’re interested in STRs.

Your mortgage is not only sucking interest, but also principal.

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In others experience is this return worth the risk given Multi-family environment ie supply, interest rates, project specific risks, illiquidity risk, and more specifically the Preferred Equity subordinated tranche risk (this sounds like just a Mezzanine loan without recourse).

Chattanooga Tn is a great market.

Even with a 5% down payment you are looking at a $2,494.00 a month principal and interest.

Here is an opinion: The increasing US deficit and US rate cuts will cause asset valuations to rise. 

Therefore, you really need to have a great team in place and be able to source labor and materials at "in house" prices.

I'm currently looking for more resources so I can see how real people are finding and closing real deals and what are realistic and possible cap rates and cash on cash rates.