Hey @Brandon Toron,Given your plan to turn the property into a short-term rental (STR), you have a few creative ways to push closer to that 90% cash-out goal, even if traditional lenders shy away from it:1. 

Major brands like Ritz Carlton and Waldorf Astoria are currently developing property there, where they have traditionally developed in Miami, Fort Laud, and Palm Beach. 

Just make sure to fully understand the loan terms, especially the interest rate and repayment schedule, so there are no surprises.2.Condition of the Property: If the property isn’t in really rough shape and you were able to get insurance on it using a 4-point inspection and wind mitigation, you might even qualify for traditional funding options like FHA, Conventinal, VA, a cash-out refinance or a home equity line of credit (HELOC).

.#6  Knowledge -  Know why STR is better for the landlord than traditional rentals.   

In short, I’m trying to figure out if it’s worth pursuing an off-market seller financing deal versus getting a traditional loan and competing for the property on the open market.

Instead of a traditional down payment, I would give them some money (maybe just to bring the loan back to even).The upside if taken over the loan at the current balance, with some rehab and hopefully getting the front lot back would be a nice ROI. 

Duluth has traditionally had a strong college rental market and thankfully any small decline in enrollment rates haven't been as severe as other traditional college cities, eg.

The good news is you don't need a specialty loan for a house hack, just a traditional primary home loan.

If you are open to non-traditional methods of financing, you could use a debt service loan to bypass that requirement.

Lenders will want to know if the property is generating income and if it qualifies for a DSCR loan or traditional financing.