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

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.

You can test that side of it out to see if it's a good fit for you, but take some time to find which side is the right fit for you because that will be a key to achieving long-term success.Also build as many sponsor relationships as you can in the beginning because that'll give you plenty of options when you find a deal. 

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.

This is consistent with data from sources like Zillow, Redfin, and the local Santa Barbara Association of Realtors.However, when I go to "Pick Markets" and select Santa Barbara, the median home price listed is $620,000, which doesn’t align with what I’ve observed locally.

Ozaukee County would certainly be in my immediate plans, Milwaukee would be definitely be an option in the future.

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.

Do not wait for the 30 days.A couple of options to raise money: If you receive at any given time a return during tax season.