We could be wrong, but it doesn't seem likely.Carini did the math for you early, if after repairs it assess for 240k as you suggest, you'll be able to refinance and pull out 187k, of which about 116k will go to paying off your previous mortgage leaving you with 71k to go plan your next move.This is very compatible with living in the house and getting roommates. 

Please feel free to reach out if you would like more suggestions or if you just want to discuss.

However, 10+ years of data suggests that the majority of tenants prefer low-crime properties. 

Wonderful question to stimulate conversation @Jacorion Williams!

I was actually wondering about the motivation of a VA who isn't getting paid on commission.

The project was very well received by this small town and it is a fully operational 20-unit, lakefront, property in a wonderfully busy four-season destination.

My initial idea was 10-20% down with 7% interest rate for 10 or 15 years after doing research. 1 person suggested a balloon at the end and another person advised against it. 

He has rejected larger offers and suggested I invest $5,000 for an 8-12% stake in the venture.They uses a cost-free retail space and a reliable, but paid event venue and has 100 attendees weekly.

Any suggestions for out-of-state investing? 

Suggestions?