"Value add multifamily" is a cute term, but it will be an absolute bear of a project that will evaporate cash if you don't know what you are doing...and perhaps even if you do know what you are doing.

Thank you for the absolute TREASURE trove of knowledge and selfless peer education provided on this forum. 

Should I price the land 2 times above market value and offer a low interest rateORPrice the land at current market and use a very high rate?

However, appreciation is very low in cheap areas.

The house I regret most for not getting it is this one,https://www.zillow.com/homedetails/N8064-975th-St-River-Fall...I was so close to getting it, but I chickened out because I have absolutely no idea how these houses even exist.

My absolute best advice with ANY STR prospecting is to contact the municipality in charge of regulating that area of region.

I get it, and in those cases, Jason would be absolutely correct. 

Since you’re still figuring out where to invest, look for areas with strong rental demand, good schools, low crime, and potential for future growth.

I'm currently renting and when  decided I wanted to focus on real estate investing, I decided not to buy in Tampa because of the low MF inventory and in home house hacking is not for me.

Margins seem low and the risk seems high.