Below is a high level overview of the Freddie Mac SBL, Fannie Mae Small Loan, and HUD 223(f) programs.

I know it is still down season, so listings are thin (especially for MF which is our preferred route), but it is starting to discourage me; like we've already missed the train of cheap debt and rapid appreciation/inflation that so many others took advantage of in recent years.Are my expectations set too high for my target area? 

It's in high demand so we booked in 2022 to secure our dates.

High-net-worth individuals, private lenders, or experienced investors looking for passive income may be ideal partners.

New full size high end stainless appliances that include a mounted microwave and dishwasher as well as new fixtures.

I am finding it difficult to find deals due to inaccurate rental projections with high prices and low supply.

Best bet would be a “partnership” with a monied individual looking for a high risk/high return passive investment with you providing the “active” part.  

I highly recommend starting with a basic househack, easy barrier to entry and gives you a crash course in being a landlord who lives on site.

While this can maximize leverage and ROI, challenges include getting lender approval for seller financing, high carrying costs, and the pressure of short-term loans.

It really is a nice perk of making rentals nonpassive that high income earners can avoid NIIT, which is easy to forget since we're usually focusing on qualifying rentals as nonpassive to deduct a tax loss.