For the price, the property has a lot to offer.

As real estate investors, we know how valuable it is to offer help when we can. 

He gave me the owner's number (Jeff) and I called him on the spot, hoping to be able to offer my services to help him find and sell more homes in the neighborhood.

I wanted to offer him about $50K over what is remaining on the mortgage and go through the 60-90 day process to assume the existing mortgage.

@Bryan Stengel, I think alcohol has been the tough one with the STRs, not sure about if you need license( hopefully someone will chip in ) , however there  always the liability part including but not limited to offering alcohol to people who are trying to quit etc.

You will find that lenders will reach out to you and try to ally alongside you (I know I have received a few emails and phone calls from different lenders trying to offer their services) but few are willing to 'teach' you.

Before diving in to offer advice, I'd like to clarify a few things with you, if I may....You mention that you are going to live in the property while you renovate. 

Look into what they have to offer and see if they have the value to help get you to your goal of 2 SFHs a year.

Quote from @Brandon Croucier: Hi Kathy, at the end of the day the mortgage industry is so vast & wide it's essentially like trying to navigate the Sahara Desert.I highly recommend working with an experienced mortgage broker who knows the ins and outs of the industry to place you into the most competitive product for you.More times than not, people save money working with a small shop broker.Kathy,I wanted to revisit this to offer a a tad bit more and Brandon above is correct.

I'm looking into cities of central AR (LR, NLR, Benton/Bryant) Hot Springs area, and NW AR (Fayetteville, Rogers, Bentonville).If you don't mind me asking, what is it you like to offer new investors?