I’d like to get into this type of business.

That is the sole motivator behind seeking out these markets and property types.

And in regards to getting educated on the the laws, I assume the best route is to link of with an attorney who has experience with these types of transactions?

These loan types allow you to do up to 90% of the purchase price and 100% of the renovations financed as long as you meet experience, credit, and LTC/ LTARV requirements based on an appraisal or virtual inspection.

Now a "Foriegn National Mortgage" has similarities to those mortgage types but you will pay a higher interest rate and be required to have a higher downpayment as well (usually about 35% down). 

Replacement homes will be climate hardened, smaller, functional and include consideration for the type of infrastructure, architecture and sustainable/durable materials utilized. 

Don't buy those types of homes, they will take a long time and not sell for what you were thinking it would sell for! 

Also there is no scarcity of syndications/sponsors around for any type of asset class so no need to rush into it with one you are unsure of or think there are no others doing it. 

Does anyone have any insight into what these types of businesses are typically looking for in a partner and what I should be doing to make my space a good fit for them? 

Purchase price: $560,000 Cash invested: $140,000 STR investment What made you interested in investing in this type of deal?