I myself am in a similar position looking to acquire a secondary home in the Banner Elk and would plan on using as a STR and would love any input on your findings!!

I still think that the appreciation question boils down to the "Do people with options want to live here?"

There are towns that are not too far where there could be some options for you, but I would start going to real estate investor meetups and pair that with books and podcasts.

I don't have any brand preferences personally (I use Fantasy Spas at most of my units but I'm sure there are alot of reputable options), but just make sure wherever you place it is built to handle that type of weight.

HELOCs are definitely a good option for financing BRRRRs.

Quote from @Heather Luu: Unfortunately, you would have to re-key the locks.Here's another option.

This might give a one-time (non-scalable) boost to cash flow, offer multiple value-add options, and allow the house-hacker peace of mind, via the assumed mortgage, in long-term breakeven or positive cash flow in the event that the value-add plans end up not being executed, and/or the person has to move out, and rent by the room or STR become unavailable for some reason at a future date.

Yea they would keep that in place and you'd get a second position mortgage for the rest at, well, higher than todays rates.

Would love to connect with you and explain our options to advance your projects forward!

I selected Lewiston for the post as I didn't see an Augusta option, but I do work all over the state.It was my family's property management business that brought me to Maine and sparked my interest in and passion for helping investors achieve their goals.