It isn't having paid off properties that offers security, there are still taxes, insurance, maintenance and management involved. 

A couple questions first:1)  How many STRs are you involved with?

and i know that that there’s risk involved, so ill always be prepared for things not going according to plan. and i think starting small and gaining knowledge and experience over time is key. 

It's a quick fix-and-flip deal involving pool renovation and the addition of a bonus room.

You received some good guidance here from other investors on the costs involved to legalize a basement unit.

It should buy time, and avoid legal fees being added to the balance as the foreclosure attorneys wont be involved for a while as they process you for different workouts.

Detroit would be a solid option if you're strategy involves a little more risk for potentially higher cash flow. 

Without involving a traditional lender, what kind of deal structures should we consider?

My name is Shai, and I’m currently involved in land flipping across different states in the U.S.

@Corey Curtin has been a stellar agent for my clients.I heard things that involve the city like zoning/permits can take a while in Birmingham compared to other AL markets so I'd be cautious of that.