I'm starting to hear more chatter about this mysterious "wave of foreclosures" that was a frequent claim/projection back in 2021, which didn't happen then, and by all indications is not going to happen now.

It is in a northern MI Downtown area (opp zone) in a county seat with 2 hospitals, had it re-zoned to mixed use, and is considered blighted which makes it eligible for MEDC funding of up to 50% of project cost.It is 8k sqft (4,000 each level) with the lower level being a walkout (top level is street level with sloped drive down to the rear of the building).

It's a tough part of STRs that some investors struggle to understand, but lending off residential assets based off how much the home can earn as an STR is far too risky. 

It is estimated that in 2020 alone $48 Billion was invested in new projects in over 3800 different census tracts.

Focus on cash flow and exit strategies, and consider starting with a smaller project to gain experience and minimize risk.Good luck!

The Project cost better be the project cost and the ARV better be the ARV. 

Quote from @Deborah Wodell: Hey everyone,When it comes to fix-and-flip projects, the down payment and closing costs can add up quickly.

Some of these investors might let you walk some of their projects.

If you're wanting to use a GC instead of running the project yourself, then I'd ask a couple in the area what their mark-up is, and calculate using those numbers. 

Back when a close friend of mine; he’s a commercial landlord in Phoenix who once took on a quircky triplex in a tough neighborhood..decided to reshuffle his insurance setup, I saw firsthand how getting stuck in a clunky policy can really stall your forward momentum.