Then if it is a good enough deal you could potentially refinance out to get it on a conventional loan and then rinse and repeat. 

I would say the value-add opportunities in our area exist, but are few, probably mostly concentrated around the rare fourplex in Harker Heights or small to mid-range apartment buildings throughout the area.Most other fourplexes and duplexes, in order to meet the criteria I look for, are going to be generally newer (2000s) and in good enough condition that there are only some cosmetic upgrades needed, and therefore they are selling at retail.There are older fourplexes in disrepair that on paper look like value-add opportunities, but they can be in low rent areas next to other fourplexes in comparable disrepair, so hard to impossible to upgrade into higher rents.

Is it a good enough deal to put up with the long distance headache?

This can mean that either the deal is not good enough to get the sponsor 30% on the back and still pencil for the investors, or the sponsor simply wants all of the money upfront, which is not cool.

While your rate/fees does seem high, you are only in the loan for 9 months (or so) so hopefully the spread is good enough to consider it. 

Nothing is foolproof of course, but if someone else has experience with them and feels good enough to recommend them because they have vetted that vendor - then that's a good place to start.Visit some local real estate meetup groups.

What kind of details would I need to give as to location of where the units are to prospective buyers of the units...meaning, is the city/town and descriptive of what its near good enough?

What kind of details would I need to give as to location of where the units are to prospective buyers of the units...meaning, is the city/town and descriptive of what its near good enough?

You'll spend all night trying to prove you're good enough.

Being raised near Winmark in Port St Joe this has been “up and coming” since I was in high school and we are talking 18 years ago.I was just there visiting my parents and I do see some more houses going in there and maybe the popularity from the hurricane has brought many investors but I still know what it is like there come August-Feb (ghost town) and that is why I personally haven’t owned anything (yet) back home for short term.Now I could be wrong and the money is good enough to offset all the slow months.Just giving my perspective as I would be more inclined to buy something in Panama or Destin where there might be more foot traffic if I had to pick between them.