The low purchase price of $93,000, combined with the possibility of adding value through targeted renovations, made it an attractive investment opportunity.

We identified key areas for improvement and implemented targeted upgrades that enhanced the property's appeal.

By making targeted upgrades and ensuring the property was well-maintained, I was able to enhance its appeal to prospective tenants, thereby increasing occupancy rates and rental income.

However, always have a flexible approach – sometimes a great property comes up that’s worth pursuing even if your financing isn't fully in place yet.LendersFor multi-family housing owned by out-of-state investors, I recommend looking into regional banks or credit unions in the Midwest market you’re targeting, as they often have more tailored loan products.

Also, you must familiarize yourself with local laws and regulations regarding STRs to avoid purchasing in areas that are not STR-friendly, which could save you from legal headaches and poor investment choices.Another critical strategy is staging your home to appeal to your target guests.

For me I use; 2nd lien on target property or cross collateral property deed of trustJV agreementPromissory NotePersonal GuaranteeMay be over kill, but I am fine with it.Also if you ever foreclose on a property that has enough equity to cover your loan I assume the 1st lien gets paid and then the rest would go to the 2nd position or is that not correct?

@Don Pham based on my understanding of @Andrew Postell's explanation, for my situation a note at $240k would cover my target of $210k, which is 75% of 280K market value.

Does anyone have any thoughts or ideas on the BUILDERS and cities/subdivisions that I could target?

I often feel the cities are unfairly targeting investor, requiring repairs that are not required of the general public.

If the target client is a healthcare worker who makes 100K+ per year and is staying a few months they will want a certain type of area, whereas a person only staying a weekend wants to be near their "event" and is more forgiving on other things.