If you have had it a few years I would imagine the value has increased substantially. 

Long story short, I have no primary home and the property the guesthouse is being built on is a LLC with 3 years remaining of 20k PPP.

I don’t know if I should invest in the Jersey market and put maybe 20-50% down on something, make less cash flow and make more appreciation, or every two years or so maybe buy something fully cash (my own $) in the Midwest let’s say 5-10 units and make more cash flow with no debt as with the income I make I can just save and buy more, don’t necessarily need to leverage in some markets.

I’ve had people who signed up for 6 months and stayed 5+ years, paying increasing rental rates.

In response to your questions:Biggest q i still dont really understand is:- what happens if i refinance before 7yr term or sellAs you'll be the owner, you can refi or sell before the 7 years. 

I like to find owner finance deals and just finance the down payment for as many years as I can for cash flow.

The demand has seen a spark given the rising student body, with U of M having their largest student body this year.

(Which you could also then do with your new purchase in 2 years.

Quote from @Aj Green: Hey,(Posting again as I sign today so it is urgent)Is there any cheaper lender than a 6.75% for an Ohio investment property.No brokers fees, 110k, no points, 760+ credit score, 20% down, 140k value, no realtors, single family, rent covers mortgage, 30 year term fixed.Thanks for the help!

For 3.5%-5% down, you can purchase a property and get the ENTIRE RENOVATION financed over 30 years!!!