With the increase in rates that started in Q2 of 2022, there is a chance that I will have some loans that are going to go over 5 years. 

I promise you will have options once you finish renovating.If you purchased correctly (location & purchase price), you will have enough equity so that you can either sell it for tax free capital gains, cash out refinance (if mortgage rates are lower), or pull a HELOC to acquire your next property!

The thing that would deter me from this location is a background rate of appreciation of 3.12% and low school ratings.

Other KPIs and considerations you should evaluate when talking to any lender who offered private placement of loans/notes are historic default rate, how quickly they can place your funds (do you get preference over their income funds, for example), average interest rate - borrower note rate and what is passed through to you, are loans serviced by a 3rd party servicer or in house.

And it doesn't seem to spoil the charm for couples on a romantic getaway.We've been able to raise the nightly rate 2-3x with better occupancy. 

The big pro that sticks out to me in Birmingham is the tax rate. 

It's objectively rated as a great place to live, but obviously you need to be ok with Winter.

Weekend work is emergency only and it gets billed out at double our rate . 

I think @John Underwood and I who own lake front properties might be able to help get you a baseline nightly rate.

refied with Mike Tavani and Krista Oslar are Guaranteed rate.