Sorry to hear this.I would always say that "There is nothing wrong with any property as long as the price is right".Granted, some are not salvageable and the deal doesn't make sense even if the seller paid to me to take it lolOver the past 10 years I have witnessed many investors trying to do the same thing as you.Purchase from afar without buying turnkey and trying to do it themselves.This has been popular especially the last few years.Not many succeed unfortunately or they don't succeed in my eyes as they are into deals for much more than what they should be.There is a big trend going on where folks are made to "feel involved" with the purchase, rehab and property management process.The properties look great and off-course they do as rehabs cost $40,000 - $50,000.It doesn't sound like a lot of money for folks from CA and NY but for our local standards it is and IMO kills the cashflow and is unnecessary overcapitalization.Each to their own I guess.Just had a call the other week with a fellow from CA that bought a few turd properties from a local scam artist and is flying to town to try and rehab them himself.Another fella I managed to save even tho he lost his deposit of $1,000 as the seller (Another known scam artist) made him commit to the deal without allowing an inspection or even a walkthrough...If that isn't a red flag then I don't know what is 🤷‍♂️Hat's off to you for flying into to town to see the property for yourself.Wishing you much success

You bet Jason.

If it's working as an LTR and you are cash flowing, I'd be willing to bet that the juice won't be worth the squeeze in converting them to STRs. 

If it was a primary residence, there are conventional low LTV's, and as a popular second home destination,10-15% down payments for a SFR is common for well qualified buyers.

To fund their bets, they pulled money from bank accounts or sales of vested Meta stock.

During the pandemic years, it became increasingly popular to lease month to month which creates opportunity to increase rents rapidly on in place tenants.I'm buying a condo this month in which the tenant agreed to stay and signed a new lease raising his rent $250 per month. 

My team and I are wholesalers who focus on finding rent-ready properties under 100k (typically in popular section 8 regions).

From what you laid out, a bank statement loan might be your best bet.

HELOCs are variable rates and it's highly likely that they'll actually be LOWER in the near future, why not bet on that?

. $200/mo is a safe bet for a SF of this size for cap-ex, and your repair estimate looks ok.