Going into an area with little data is high risk but could be high reward. 

A lot of research and studies have come out around high paying jobs make large impacts. 

Step up in basis to reduce your heirs' taxes and morePlus the real estate tax "deferral" can end up being permanent if played correctly

It’s super important you prioritize the end product: something that gets the job done well as an STR.  

It is somewhat complex to try to explain on a forum, but at a high level, you (aka GP) and your family member (aka LP) would agree on how much the 2 of you would put in for the amount of equity needed (usually expressed as a %).

It's very on-brand for the city to have an error on their end when starting the process, though.

What's the end goal?

I am curious to learn from others as well  :) I looked at GHL for my CRM but felt like it was full of features I'd probably never use and the cost was considerably more than what I ended up using: Monday.com.

I discovered this property through an acquaintance when it was nearing the end of pre-foreclosure.

If you don't care about income and are more of a capital gain kind of guy, prices are already high (as you noticed) and there's plenty of land available to buy so I'm not sure how much is left in the tank.