Quote from @Michael Smythe: @Carlos Ptriawan doubt many would hire you based upon exactly what you've proposed!

You would likely have to do a ground-up construction for a design you are proposing.

Each team would propose a new ideas and new creative financing to help both sides reach their goal.

These should be reflected in the purchase price or negotiated as part of the terms, such as the seller carrying some of the renovation burden.Use seller financing to your advantage by proposing a price closer to $225,000-$250,000 with terms such as 20% down, a low interest rate (4-5%), or interest-only payments for 3-5 years, with a balloon payment once renovations are complete and cash flow stabilizes.If the seller is firm on price, consider negotiating higher down payment terms to reduce the financed amount, paired with interest-only terms or a price reduction tied to renovation milestones.Key questions to address include the condition of the septic system, which can be a significant expense if it fails.

Make sure to prepare a professional proposal, highlight your STR track record, and be transparent with your financial projections.

@Kin LayThere could be gift tax, income tax, and property tax implications to a proposed transfer. 

You will not have the rate long enough for it to interfere with your current and proposed profits.This is where having a good team comes into play for example having a seasoned realtor who knows the market on the purchase/ARV side.

They can inform you of the process and the chances of your proposed use getting approved by P&Z and/or City Council.

There is a new bill being proposed hopefully eliminating Pmi if that gets passed that would be a game changer .

PLRs will rarely match your proposed transaction structure.