Would a Money Partner or Hard Money fund a Buy & Hold Rental
I recently started looking for properties to rent as an AirBNB when I came across a 5 BR, 6 Bath property on 5-10 acres that includes a pool, hut tub and large workshop.
Renting this property could cover the mortgage (so not quite break even) as a normal rental, but I intended to furnish the property and provide short term rentals through vacation rental platforms that will far exceed normal rental revenue.
The property is being sold at a "discount" of about $1MM, but once renovated I do believe this could be at least $1.5-2MM. The property ARV is a little irrelevant since it will be held as a rental. After 12-24 months I could renovated the property to realize the potential value and increase rental rates.
The funding would go toward the purchase, minor cosmetic improvements, and furnishing of this property. Would a money partner or hard money lender be the appropriate funding for a project like this?