If we buy this loan, we need to have a thorough game plan on how we are going to be resolving this and understanding these dynamics is key to managing expectations and protecting investments.Sounds like a deal more for someone that buys partial inheritance estates and spends years piecing it together than a note investor.  

We are late in the game but hopefully we can catch-up leveraging the plethora of knowledge that exists on this platform. 

Other than that not too much you can do, the only alternative post-closing would be to offer cash for keys for someone to move out quicker, but if it's short notice to vacate period like 15-30 days than it's probably cheaper to wait. 

I am new to the real estate game.

Congrats on getting in the game.

I would have to do a small rehab of floors and paint and maybe new appliances.I want to do short term rental or this if possible.

I'm not a fan of buying a short term liability (no cash flowing property) in hopes of long term gain through appreciation. 

As for short-term financing, they are fairly easy to work with but the biggest hurdle is their internal credit model.

I’ve found success by focusing on emerging neighborhoods, avoiding flood-prone areas, and exploring short- or mid-term rentals to tap into the steady stream of tourists and business travelers.Good luck!

IDEALLY, we would like to find a property that has or is capable of being converted into a “mother in law”, “ADU”, “Casita”, or any other separate living quarters in which we could rent out the main portion to a tenant (short term or long term) and then use the separate space as our own for when we come and go with business.