When I added all this up, it was going to cost $150k in a neighborhood where sales comps trade for $100k per unit.  

Here’s a tip: Lowes usually has zero-interest financing sales 2 or 3 times per year.

It was a private sale between a friend and I.

Now onto the real estate...If you truly want to protect yourself against STR regulations only purchase property with the intent of  operating as an STR where these three principles apply: (1) the use is allowed, (2) the use requirements are protected by in place permitting and licensing and (3) the permissions are transferable through a sale.

I know a lot of the TK sales organizations glossed over this aspect years ago but everyone of them has a license these days..

Pretty much whatever makes sense.My plan is for it to be a midterm rental most the year and then be there for a portion of summer to be close to my daughter.  

.- HUD Multifamily Housing Listings: The HUD website lists multifamily properties for sale, including foreclosures and government-owned properties.

Unlike flipping, you don’t do big renovations—just enough to get it market-ready for a fast sale.

The description talks about the buyer assuming the Point of Sale, so I would assume there's a decent amount of violations on there at this price, but if not, it looks like a pretty good deal. 

You can try MyInvestorLoan.com, they usually don’t care if a property has a seller carry portion of financing in 2nd position.