.- If you're going after a seller finance deal I think once you understand what it will take to get to a finished state its simply a matter of aligning your needs as far as short term cashflow with the current rents/situation, with the net number the seller needs after the refinance.  

For property owners in this area, what have you seen in terms of supply and demand. 

This strategy can be a game-changer for building long-term wealth, as it enables you to leverage your gains without an immediate tax hit.Example: Sell a rental property for $300,000, reinvest in a new property of equal or greater value, and defer capital gains taxes indefinitely.5.

There’s never been a better time to step into the booming mid-term rental market.

Also, first thing, AirBNB is a platform where you list your Short Term Rental. 

I’m based in Utah and plan to invest in long-term rentals in UT, OK, and/or TX.

On condo/MFH terms for a great deal of it, with extensive revamping of transportation systems.  

These loans are short-term as you mentioned, typically 12 months, so you'll need to refinance before that balloon comes due.

Many people choose Memphis because the market offers a good balance of cash flow and long-term appreciation.

Be mindful of short-term capital gains tax, as profits from flips held for less than a year are taxed as ordinary income, and frequent flipping may result in self-employment taxes.While profits from flips do not qualify for 1031 exchanges (since flips are considered inventory, not investment properties), you can minimize your tax burden by deducting allowable expenses like renovation costs, loan interest, and holding expenses.If you're considering diversifying into rentals, explore opportunities to benefit from long-term tax advantages such as depreciation and lower long-term capital gains rates.