Check Furnished Finder, Zillow, as well as AirBnb and VRBO (30+ day stays) to see what sort of competition is in that specific market.

@Stephen FlemingFrom my experience working with over 400 investors, your strategy of leveraging a low mortgage rate, tapping into home equity, and diversifying with a short-term rental (STR) in Northern Michigan is well thought out.

As well as UN-realized expenses.

Appreciate any feedback as well as similar stories that the community might be able to shareThanks and Happy New Years to all! 

I agree with @Ashish Acharya if you're interested in reinvesting the proceeds into another investment property and your goal is to minimize your tax liability a 1031 would work out well for you.

At some point if you're doing well, maybe turn the first one into STR or LTR, and do it again.   

I bought my first two liens over the counter and was able to foreclose on both and made out very well.

Flipping works well if you’ve got solid contractor connections, while rentals (like single-family homes) can be great with a BRRRR approach.

Good luck I have used Ashland as well.. they are a reputable company. 

Any suggestions or advise on HELOC’s are greatly appreciated as well.