And of course, there should be an age limit to who can book, and the pricing should be high enough that parties move on to other properties that are less expensive.

Having a 24 month term on the front end will also make my job easier doing the take-out loan when it's time to refinance into permanent debt, because there's room in there for a full year of tax returns to have been done in the middle (if your exit plan is to sell, it'll also make it easier on your buyer who will presumably be willing to pay a higher price if they can get an A-paper good mortgage).Ask for a 24 month term, tell your contractor you want it done in a year (and make it financially worth their while if they can pull it off), internally/mentally plan on 18 months, and I'm putting you on notice now to do your tax returns on time, rather than extending them (don't fight me on this, please just do it).Trying to get a renovation mortgage like this for only 1 point is likely a waste of your time, but if you want to ask, after you've secured the above as a 'done deal,' go for it, can't hurt. 

Mainly due to aggressive underwriting as apartment prices shot up and they started getting floating interest loans to make the numbers work.

**Lower Initial Prices:** Buying early often means securing a unit at a lower price compared to completed properties.

But because of high prices and high rates most of the properties seem to be breakeven (at best), so this may be something to look into once rates decrease.

- Condo prices I am thinking are in the 350k and below range.

Overview:Address: 3960 Pleasant Shade Dr, Atlanta GA 30340 (Have owned for since Nov 2016 and depreciating)Details: 3 bed 2.5 bath 1,847 square feet (None of the photos online are current)Principal Owed: $232,000Mortgage Rate: 3.375%Monthly Payment: $2,010 + $250 for landscaping and pest controlCurrent Rent $2,450 a monthProjected New Rent: $2,750-$3,000 a monthPotential sales price $450-500k. 

The prices I am being quoted are outrageously high.

Gross Rent Multiple: Price/Annual rental income.

Again, I'm interested to see if ski towns outside of Colorado have seen the same dynamic with STRs where home price increases have outpaced stagnant STR revenue.