The investors all are going to turn it into something else - low income housing , student dorms, self storage, transient housing, drug treatment, etc.  

Thanks a lot for the replies @Chris Mason and @Gregory SchwartzOur lender said we can do a bridge loan but its around 11%.. id bring in 20% downpayment max, dont want to put too much personal assets into it and the issue is for yr1 w low rents and renovations its def a monthly -3-4k loss. def want an 8% or lower rateNot sure if lenders are ok with an initial cashflow loss, once its renovated we can have market rents and its a great deal after. it listed at 1.495M and we'd offer 1.2-1.25M. i understand the living in part doesnt necessarily bide well with investment focus, but for us thats a big appeal that its in a nice area to even live in

Unfortunately many lenders will see this as a red flag and may not take the risk to lend you the rest of the money even if you use stated income program or bank statement program but those are for self employed borrowers who have active income from their business but write off to many expenses that when filling their taxes their net income is really low or sometimes negative.

ADR projections in the low $100's and actual in the high $100's in our off seasons and mid/high $200's in our peak seasons. 

Which banks are allowing low fee HELOCs on properties in LLCs? 

The low rise type buildings without elevators tend to have the more relax rules and also the lower assesments, so they can be a good option.

The government is now buying housing for low income families?  

The first-floor unit was consistently rented at a low rate to my family members to provide assistance.

The reason being is that usually the commission offered for tenants agent is low and tenants are usually unrepresented, unlike buyers when purchasing a property. 

There is a development that is being redone and the price point is low.