P.S; We live in Wilmington NC so both markets would be "long distance" P.S.P.S there are no reasonably priced multi family properties local to us.

I agree that the best way to make money is self manage your short term rental (not AirBNB, that is a platform).

The short version is that you want a strong and diverse job market, low unemployment rates, a growing population, low vacancy rates and new development, affordability/cost of living, real estate laws and court system, good schools, and low crime.Check out the videos from Dave Meyers with BiggerPockets.

Remember this is a marathon......That said are you planning to flip, hold(short or long term?)

I am paying a bunch of interest on the short term loan, with no timeline or updates.  

We all have short memories lots in that part of SWF have been a yo yo in values for decades when the market is hot they go up when it cools they drop to 5 to 20k per lot.  08 09 saw builders in those market go poof.. builders from SE flooded there built a ton of inventory and could not sell it in the GFC I was buying brand new houses at foreclosure in 09 for 30 to 50k each.

Use tools like AirDNA or Mashvisor to provide market data on projected rental income and occupancy rates, and make sure your lender works with appraisers familiar with short-term rentals.

However, shortly thereafter, we began to experience delays in draws, mislabeling issues, postponed closings, and unreceived funds.

What are your short term goals?

A HELOC offers flexibility and lower interest rates, which can be ideal if you’re looking for short-term financing with lower payments during construction.