For the potential franchisee owners who are considering this as a business, I would run the other way!

Is there a way to find out how long a tenant list is for a potential city?

Additionally, I am prepared to offer either a first position on the loan or cross-collateralize with my portfolio of seven vacation rentals, valued at approximately $12 million, with $6.5 million in available equity and generating $1.4 million annually in gross rents.Given the potential of this project, combined with my experience and the collateral available, I seek advice on approaching potential lenders or investors and effectively negotiating terms within such tight time constraints.

Thanks @Bradley BuxtonI have done very cursory investigation of the Tahoe areas, but my understanding is that it is not very friendly to STR investment (e.g. limited permits and the potential of completely banning STR's).I currently have property in a mountain resort town that is close(ish) to a metro area so we have lots of WFH employees, but it appears that the market is drying up due to RTO policies. 

Thanks for the reply, I was asking this question trying to understand the valuation for when I would complete the project for refi and potential profit.

If you are not afraid of conversions, you could potentially even venture into RM1 conversions - single family home zoned RM1 - converted into a multi family residence. 

And a lender does not lend off of potentials, eventually, someday, they lend on as-is.

I'm slowly transitioning it to the potential I know it has (including bringing in quality tenants!)

While the potential for appreciation and increased land size is attractive, the high debt, negative cash flow, and uncertainties raise red flags.

The potential tenants for a furnished rental also likely want all the trappings of a home, including kitchenware items.We run a few midterm furnished rentals in Denver and Colorado Springs, and they're all people who want a fully-ready home.