OC California is very expensive so investing out of state can be a good option.

Are there other creative options I haven’t considered?

We are wondering what would be the best option to do with the property during this 6-7 month period, whether that be Airbnb or what other short term rental options might there be that could make more sense?

Quote from @Frank Pyle: I'm looking for loan options for a construction loan.  

However, after accounting for long-term capital gains tax and other expenses, you would be left with $150k which is important to budget and account for.

Chicagoland is extremely tenant friendly so understand that going in. 

I KNOW I am not up to Accredited.It seems to me to be "backwards" thinking that there is LESS risk to a 'novice' in a FUND since the risk is spread out over many Notes and professionally managed, whereas an Individual Note seems like it would carry WAY more risk, especially picking the 'right one' for your investing goals, budget, etc...? 

Eliminate debt, establish a budget, and save.

You could probably afford $20,000 without much impact on your budget.

So brainstorm the different options then pull the trigger!