I'll cross-post to the MF forum.

Scope of improvements included:Full interior updates: new flooring, interior paint, lighting, granite countertops, and updated appliancesAddition of high-demand short-term rental amenities: game rooms, custom bunk beds, hot tubs, swimming pools, and putting greensProfessional interior design and full furnishing to optimize guest experience and nightly ratesThese improvements were executed with the objective of maximizing long-term performance, increasing appraised value, and creating differentiated offerings within the Hot Springs vacation rental market.Refinance & Financial PerformanceUpon completion of renovations, we partnered with a local commercial lender to refinance the portfolio.Combined appraised value (ARV): $2,601,000Approved loan amount: $2,200,000 (cash-out refinance)After retiring the hard money loan, the transaction resulted in a net cash return of $300,470.51, which represents $118,181.09 more than our original down payment—effectively removing all invested capital from the project.TimelineThe full cycle—from acquisition through renovation and refinance—was completed in 174 days.OutcomeThe result is a portfolio of three fully renovated, amenity-rich lakefront properties, each now positioned to perform as premium short-term rentals with strong long-term appreciation potential.

I recently got my real estate license and have a good relationship with a broker who will sponsor my license, so I'm not worried about the real estate transaction piece of it. 

First, I would focus more on transaction size than unit count.

Not common, but for the right situation it works like a micro-bridge at the front end of the transaction.

If it's more a "subject to" transaction where the seller remains on the loan then that makes it more complicated.Can you clarify on that?

The city is making them demolish the second “unit” because it crossed the line into an illegal ADU.

Having someone like that in your corner can save you from costly mistakes and speed up your learning curve.On the other hand, if you already have a firm grasp on the process, understand contracts, know how to analyze deals, and have your own relationships built out, then handling transactions yourself can make perfect sense.

I’ve seen wholesalers earn a 2.5% commission on a transaction and then charge a 10–20k assignment fee on top of that commission.

Then facilitating the transaction so that it closes with no funny business.