Visit, explore these place and then narrow it down.

In addition, all Rent payments hereunder not made within five (5) days of the due date shall bear interest at the rate of one and one-half percent (1-1/2%) per month"The monthly rent is $1550 so the late fee is easy - I've set the account to charge 5% if the rent isn't received within the 10 days stated ($77.50).

The loan will be on the additional collateral you created.

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I rented out the additional bedrooms to friends and family, charging them well below market, and sold when it was time for my wife and I to start our own adventures.

Have you worked on any entitlements yet, or are you exploring both options?

Yes, I’ll check with regional building, but curious for additional thoughts here.

In addition to this, I've had 2 clients this past year tell me they used Airdna in '22 and '23 to see projected and estimated income and was drastically different than actual income made with very comparable properties. 

It might also be worth exploring creative financing to leverage that quarter million into even bigger opportunities. 

I rented out the additional bedrooms to friends and family, charging them well below market, and sold when it was time for my wife and I to start our own adventures.