Huge tourist presence, but the population on the books is around 6,000 and its a no go at the zip code to most...Typically, your best best in rural areas is going to local banks or credit unions. 

Lot of advice out there so I'll try and provide some new angles that have helped me along the way.  1) Get data and don't go at this alone. 

If they are going to be there post closing, at minimum have your agent do a final walk and take photos and video as you will now be the landlord and responsible to hold them accountable for any damage, so document.Once you get it up as a STR, you should go at least once a quarter to make sure cleaners are doing a great job and make any needed repairs or adjustments.

Eco-tourism will be featured, as will sheep/goats/cattle for some seasonal forage management.

I will also have chickens, ducks and other birds, plus sheep and goats.

It's a shame when someone falls flat on their face, "forgets" to pay the IRS and then needs to search for money and scape goats and starts to point fingers but it's part of the lovely open forums and social media we all have access to so do your own due diligence.  

Seems like finishing the house and renting it out would be the way to go, at least in my opinion.

It isn't what he typically does, typically he just has a 1st and 2nd lien, but I won't put down more than 25k for my first go at this in case something does happen.I am a bit confused on the cltv though, what do i use for the value of the house: his purchase price, the ARV price, the ARV-rehab price?

And believe me there are going to be schemers and crooks go at this big time once they figure out how little it takes to get into title and no real consequences if they default and they can rip rents.

I hear Goat Yoga is getting pretty popular.