Even if you intend to convert it to residential through rehab, the current zoning as commercial is a no-go for the FHA 203k which is limited to residential. 

I did STR in a duplex starting back in 2017 and managed for others in North Conway, Ive since converted to all long term tenants and happy i did so... unless your property has something unique or a "rare" amenity.... like, sleeps 30, I honestly would not waste any energy on it in the north Conway area. so saturated, and so much big money being invested in the hotels, its tough to match amenities vs cost, and I see travelers trending back towards the hotel style accommodations. granted, for the right price, I'd buy anything and figure out what the best use for it is. use airdna.co for decent data on # of Short term rentals in any particular market. can also identify opportunities. the point of my response.... be careful in STR in any area and always have a plan B. you can change a lot of things about a property, but your cant change your basis!

Also, they began to skip payments and eventually, they stopped paying altogether.

@Josephine Ramesh Although I don't own a lake front Airbnb I've been looking into converting a long term rental of mine into an airbnb.

As I continue to grow my portfolio, I'll want to eventually diversify a bit into other strategies.

If you believe the hype and there are no deals and you need to go big, then your actions will mirror your beliefs.If you think you can close a 6 unit, then you eventually close it, and then move on to a larger deal.Be prepared for the opportunities that are about to hit the market!

Hello, if I have a HELOC on a primary home and I move out to convert the house into a rental property, do credit unions/bank typically have an issue with that? 

  * A bonus play would be purchasing a small commercial property with at least a 25 space lot in the aforementioned areas; the idea is to convert the lot into paid parking to increase value.   

Initially, I pursued wholesaling with the goal of generating income to eventually buy and hold properties.

Purchase price: $179,000 Cash invested: $15,000 Lived in the property for 1 year.Knocked down living room wall, replaced Hvac, floors and gutted and remodeled the kitchen, attic insulation, converted the living room and the dining area into rooms.