Additionally, the price point is still cheap enough to find the 1% rule and positive cash flow and there's amazing appreciation potential! 

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Offer a great first-stay experience with thoughtful touches like welcome gifts and clear communication to earn those initial positive reviews.For Big Bear’s rules, stay on top of local ordinances—maybe even connect with other hosts for advice.

I myself am in a similar position looking to acquire a secondary home in the Banner Elk and would plan on using as a STR and would love any input on your findings!!

Learn from this so it never is repeated.On the positive, with the value add you likely will do alright flipping it.Good luck

Is it a wrap note, where your seller-carryback note incorporated the first position note and the buyer pays you in full every month, and then you pay the first position lender?

I'd underwrite the property, with that low interest rate assumable mortgage, to cash flow positively from day 1 as a long-term rental, but be willing and able to use the rent by the room strategy or to rent out part of the property as a Short Term Rental to dramatically increase cash flow during my occupancy. 

I was the HML who put the CA clients into title for 1k per house.. then countrywide or wells would refi them in about 90 to 120 days generally they could cover their lending costs and be positive cash flow 50 to 150 a month..

.- Due to my position on the board for the condo association, I am aware of long-term large projects that the association intends to embark on.

& thank you especially for the positive affirmation, Collin!