It more of a capital and lease-up assumption.

@Evangelos Mavros I'm going to make an assumption (correct me if I'm wrong) that you are looking for an investment property to use as STR/vacation rental.

Again, others might feel differently here.3) property level due diligence: (takes seconds to weeks per deal): here is where I drill in with the low-level details.a) pro forma popping: I examine all the assumptions, and see if they are overoptimistic or not.

This is my assumption. 

(I'm making an assumption here about your finances, if I'm incorrect then my apologies.)   

It is mostly about the borrower, the property and the business assumptions when funding a project.John Corey

My assumption is risk could go up for a bank so they may ding you with a higher interest rate for 'hospitality' or 'STR use" than  a mere multifamily use??

Bring in the assumption! 

There may be some refinancing along the way, there may be some 1031 exchange along the way, but hopefully everyone can clearly see that this is very possible to do even making extremely conservative assumptions on the performance of the asset.If you don't agree with any of the above, then please message me.

@Micah Haworth a first important tip in any and all thing REI is to be very clear and exact, as is said "the devil is in the details" and your post is very hard to understand with much assumption to be done.