How much of the past due balance would they forgive?

I think that what you're looking for is extremely achievable here, at a minimum.

So, find knowledgeable finanical advisor and CPA to setup and create a balanced investment portfolio. 

Or is it better to wait out the seasoning period with your loan balance (I used a HELOC so no hard money lenders or balloon payments) and just refi out in 6 months?

Rockaway Beach has made consistent appearances on many top beach STR investment lists due to a balanced price to ROI ratio (and majestic destination) with a historically a low barrier to an STR permit.

Quote from @Robin Simon: Its definitely dependent on a lot of variables, personal situation/risk tolerance, etc.But high-level, I would say that there can certainly be a balance - sometimes people forget that when using hard money or any sort of financing, for some reason you need to "MAX out leverage" - i.e. do a 100% financing for a flip or a max cash-out refinance etc..However, most hard money lenders would be totally willing to do a lower leverage loan (and would probably prefer it) such as 50% or 60% LTC instead of the usual max amount. 

I bought a vacant commercial piece of land about a year ago- (seller finance- $100k down/ $200k balance due in Dec 2024.

However if I do a BRRRR I can achieve infinite return by extracting all of my investment.

It is now a very complicated and involved process to appear in the top 10 of any kind of Google search.You could spend tens of thousands of dollars to achieve this goal.

Real Estate has always been something I was interested in pursuing to achieve financial freedom and just never knew how.