I'm looking to start off in areas with lower costs coming in, preferably under $100k single families but definitely under $200k.These markets are particularly appealing for novice investors, especially those from California, as they offer more affordable options compared to local alternatives.

And then it might have the option to extend it to a nice round 5 years if/when the current tenant extends. 

Quote from @Shawn Nofziger: I have quite a few options in my areas to bid on foreclosed properties. 

I've seen where people add so many loan extensions with optional payment.Say 1k gives you a 1 or 2 year extension and this can be done 4 or so times.This agreement could be changed so many ways to make it work.You could offer a higher interest rate after 7 years to extend to 15 years.

I'll reiterate that a tenant buyout is likely your best option.

If this is financing for a stabilized property rate carries more importance but rate combined with origination fees, pre-payment penalty and term in which you intend on keeping the loan in place are all considerations which together should help in deciding the best financing option.

Hi Corey,It's available but there is just less options as you may have seen.

ALL: I asked in another forum, but it's not getting any traction.We talk about two options: LLC or umbrella insurance.

Your best bet is to read information from public blogs that approach both options objectively.

Give them a portion of the profits from the STRs and have a buy-out clause when you have the funds to refinance.I am sure there are many other potential options for you to look into, but just off the top of my head these 5 came to mind.