As you can tell marine the appraisal came back 40k low and I was so dumbfounded.  

"Good" areas will be priced high, "Bad" areas will be priced low. 

@Stephen FlemingFrom my experience working with over 400 investors, your strategy of leveraging a low mortgage rate, tapping into home equity, and diversifying with a short-term rental (STR) in Northern Michigan is well thought out.

Hi Daniel, condos can be a great low-maintenance option for LTRs, especially for absentee landlords since the HOA handles exterior upkeep.

In the one house that I still have some existing, it's only on an overhead light circuit with no insulation around it, and I minimize the load on the circuit by using only low voltage LED lights. 

Locally my observation is that the need is more for low income young and working vs college student.

Idle money is the quickest path to low returns and does no good for anyone.

Meanwhile, the sellers who are most likely to offer creative financing are normally the owners of  real estate that have issues.....condition.....low barrier/over supply market......or perhaps pricing issue, and one of these factors is why its not marketable in a arms length transaction and why creative financing would be accepted.

Mortgage rates and PMLs are 8-12% plus points right now so the deal has to be a low enough entry. 

Be mindful of short-term capital gains tax, as profits from flips held for less than a year are taxed as ordinary income, and frequent flipping may result in self-employment taxes.While profits from flips do not qualify for 1031 exchanges (since flips are considered inventory, not investment properties), you can minimize your tax burden by deducting allowable expenses like renovation costs, loan interest, and holding expenses.If you're considering diversifying into rentals, explore opportunities to benefit from long-term tax advantages such as depreciation and lower long-term capital gains rates.