This was 2 blocks from the largest hospital in the State and 6 blocks from the largest University in the State.

Typically, the largest mortgage is recorded in first position, and a line of credit or a second mortgage would go in second position. 

I purchased 6 lots total cost $200,000    I have $50,000 cash into it    A 30 year mortgage @ 4% balloon in 4 years I can sell off the largest lot for $225,000 BUT I would carry a note with $45,000 down @ 5% interest amortized over 30 years.

Have a few clients that have them and for some they have been a complete waste of money and others they have gotten very large payoffs, largest one was a complete basement remodel/boiler.   

The lake is large (2200+ acres), it's near one of the states largest cities and universities, and the inside is appealing.

I own a short term rental vacation rental management company, we are the largest operator in our area with about 50 listings under management. 

Most of the situations, for me, that had the largest learning curves all involved dealing with contractors.

Practically speaking,  these are 2 separate and distinct actions that most likely have to be undertaken.Much successBob 

But this kind of gets at my main distinction in the question compared to other posts I've read here about the topic...

The specific distinction is the HOA referring to my rental as a multi-family unit, which it is absolutely not.