It's been a few years since I've lived in Lou myself, but can't imagine the numbers making sense on a short-term rental in that part of town. 

Also, it is very important that a turnkey provider has a standard renovation approach focused on capex items that commonly lead to deferred maintenance costs (roof, hvac, plumbing, electrical).

@Joshua D. it's very common for long-term tenants to start listing issues in order to break a lease.

I just found out that our maintenance guy who we've had handle most common requests on our commercial properties is retiring and I've been searching to find a replacement.

Once you start getting into the commercial world you tend to see more 'creative' options but one commonality I hear a lot of is that a 5 year balloon term or at least matching a market interest rate is common in commercial type lending. 

Does it make sense to buy there?

The cleanest thing is to buy her redemption rights.....that price is whatever makes sense to you, considering whatever equity you have at your auction price, and what someone else might pay, knowing they have to pay you off, plus interest I presume.She simply can’t avoid cap gain taxes on a sale unless she 1031’s, just a fact of life.  

Today it is not.Frankly the fact that you didn’t bother to just google “Short term rental New Orleans” instead of posting makes no sense to me

Like I mentioned above, if a lender is asking for fees up front (especially large ones) without having funded anything, then you should let common sense take over and walk away.

It was a great deal and since I lived so close to the unit it made sense.