Then what timeframe is the most vital to you, short term/mid term/long term? 

But now a days the title policy will read to that beneficiary and any subsequent assignee's.. and Tim I posted the state of CA disclosure document we used for multi bene loans. so you can see that.what should happen in these multi bene loans is a document that allows the sponsor to prosecute a foreclosure.. if you dont have that each bene has to agree and that is were these get sticky..  4 investor say foreclose and one says nope.. keep in mind in the mid 80s in the Bay area our loan sizes were already 200 to 500k for HML.

if you use a DSCR loan expect your closing costs to be 5-10K and your rate to be in the mid 7s to high 8s. 

(biggerpockets.com)Smokies state of the union (biggerpockets.com)Smokies STRs: The State of the Union mid 2022 (biggerpockets.com)But I thought Gatlinburg was recession proof?

In the upper mid-west if you pay for the heat, then expect to be closer to 60%.

This exact scenario happens all the time in the mid-Atlantic region.

If this is a relatively small project, then you can ignore the rest of my post.If we're talking a big project, like at least mid six figures, you will probably need architectural drawings first, and permits. 

Despite having horrible, if not the worst, climate for taxes and litigation, there is actually something CA offers its residents for protection that can convince small, mid sized business owners and investors to stay in CA and not move out of the state.

A two-family where you live in one side and rent your other rooms to friends and then rent the other side (maybe even do mid-term rental or short-term) with a much lower downpayment is potentially a better producer.

I do large renos, short term (AirBnB / VRBO) and Mid term (traveling professionals) rentals.Have so much fun.Ron