You also might try a post similar to this here but use the city you are needing the LOC in the subject line to help other BP to identify your post to comment on it.  

Well the if your one of them low ball crazies rang through my head.... back to my oh crap what did I agree too terms I offered... basically turned into a JV subject to agreement.

Decreasing rents erases cash flow.Those with low risk:Investments with large amounts of equityInvestors with large reservesThose with diverse portfolios in the highest demand property types.If you want to protect yourself have cash reserves and do not over leverage yourself.

I keep hearing subject to and seller finance.

Subject 2 is really what I was curious about because the existing mortgage is still in place.  

Any buyer can walk in behind one of these frauds, make an honest offer, put down substantial consideration, and kick the unlicensed broker to the curb.From the statute:All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserve

Right now I would like to get more knowledge on the subject of where to invest and what to invest into that will have the most long term benefit.

Someone getting into REI using the STR to create a positive cashflow can only expect (2) as a natural result, not only from the community taking action against businesses operating in residential neighborhoods, but also economic reversals where the travel industry takes a hit.BTW: Tourism has been with us since the automobile and communities thrived a long time before the advent  of STRs.The NIMBY principle is heavily at work on this subject and historically, has been effective and successful in managing change.  

@Thomas Anderson   subject to partners approval has to be the all time low weasel clause.. can't you guys do any better.... really  this is a profession not a screw the seller free for all.

I want to learn about owner financing, subject 2, wraps, etc.