The obvious choice seems to be selling, but then comes the tempting Airbnb pitch: "Turn it into a cash cow."

If one thinks that real estate is a bad choice, I disagree, then one shouldn't suggest building up a war chest of cash because there is a no risk penalty of 5.6% for investing in cd's or cash equivalents.

House hacking is a beneficial way to begin.

To make the best choice, carefully calculate the financial implications, align with your long-term goals, research the market for larger buildings, and seek advice from a tax professional to navigate potential tax impacts.

A CPA or a financial planner that specializes in tax planning can be very beneficial to real estate investors.   

Talk about your investment strategies and find out what financing choices are available for the South Bend market.Always remember to take the initiative to reach out, show up to events frequently, and develop connections gradually.

What would be the better choice on doing a flip or a rehab for a rental a heloc or hard money loan?

You can buy property anywhere and your choices of price point, condition, location, literally are endless. 

The lake is right there for summer and of course skiing.I don't know about the rules around STRs in the area but it seems like a solid choice.

However, the choice of location significantly depends on your investment strategy.