I would definitely look into seeing if there are any AirBNB arbitrage companies operating in the area that may be willing to take it on. 

Several were fully permitted and never developed because there were no buyers for the energy at the cost that was needed for the private companies to make a profit--and this was in a state with rolling blackouts during the summer. 

The bank set me in at 7.1% interest (construction loan short term) This will be a side hustle for me.

There are DSCR lenders will allow only a single 20 or 25% owner of an LLC to sign a Personal Guarantee (other owners are not on the loan, or liable for the loan).

What type of loan is this?

Also, with a VA assumable, if the one assuming the loan is not a veteran, then the seller (veteran) entitlement will still be tied up in that property.

There is a local loan program, I believe it is called the MCT loan. 

@Hank Bank BRRRR is probably want you want to do.Buy, Renovate, Rent, Refi, Repeat.Before you go all in and either find out you don't like being a landlord or you make costly mistakes, start with just the next one.You'll have some challenges with tapping the equity in the townhouse:1) What loan amount can you qualify with your credit & income?

I can accurately estimate utility costs as most util companies have estimated usages and amounts on their websites, but costs like maintenance, CapEx, make ready, etc., are much harder to estimate.

@Summer Shelton yes, FHA loans do allow this but make sure you speak with your lender about some of the trip ups from these loans.