From my perspective I would plan for more than 4 months for rehab and sale of the property.

It'll give you a solid and fresh perspective on its performance.About 2 weeks ago, I just published a video on BiggerPockets YouTube about what to do with an inherited property.

Jacob, From my perspective I would use a letter.

From a tax planning perspective, you are only allowed to start writing off the home once it is placed into service (once the lease starts).You are also only allowed to write off the depreciation, and any other costs or losses against the earnings from the property.That is, unless they get the real estate professional status, which requires 750 hours a year working in real estate.

Hard money has me the most scared but if things go well the profit should be approx 700k and the way I look at it, if it goes over time, I will lose money in interest, but with my calculations in the worst case if it would take 6 months to sell id lose 90k in that 6 months out of my profit, and so on...I see (unless we hit a depresssion) as lower risk in that it would take over a few years of not selling before the profit becomes negative (you can see my perspective)  

From my perspective I like as little debt as possible.

If you intend to have it managed after purchasing, reach out to a couple STR property managers and have them offer their perspective on what's worth fixing, what amenities you need, and how much they would rent it for.

So location and type can be adjusted for whatever the market is speaking to you.And, from the perspective of developing your real estate career, the knowledge of the power of a 1031 exchange that you have can be a huge marketing advantage for you when seeking listings. 

Additionally, the flexibility of renting allows residents to adapt to changing life circumstances without being tied down by a mortgage.From an investor perspective, BTR projects present an attractive opportunity to capitalize on the growing demand for rental housing in high-growth markets.

While I've been doing research, I would appreciate a local's hands-on perspective on the state of the market and potential areas to target.