If you're more into multi-family, there's a serious shortage of rentals, so a fix and flip or BRRR in that department could also be a great strategy.

I wanted our first RE investment in the next few months to be a flip but I’m hearing bad stories everywhere- being charged way too much, not enough labor , contractors taking forever due to shortages, etc….

If you want to try it just know the risks.Renting by the room could be super lucrative (especially in cities with housing shortages and young, single people), but also flirts with illegality.

In that case your "$100K over list price" is really just the market value of the home and in this market with the shortage of housing inventory, it is completely possibly someone will overpay. 

We were so stressed out that we might have to re-do most of the kitchen and we were concerned with difficulty finding our own contractors and materials due to the COVID shortage.

Generally, if there is a shortage, you can apply for the comprehensive permit.  

I have worked and lived locally in Big Sky for the past 4 years, so I am very in the loop with the crisis and employee housing shortage/developments.

I say this because we're seeing a shortage in housing with low-interest rates drawing in more buyers and, because of the forbearance program, folks can sit tight and weight to sell their home for more as home prices are increasing. 

As long as that unit shortage doesn't fall too far behind resident influx, of course. 

With the backlog the city is generally not rejecting deeds due to shortages, expired lien certs or even for old checks.