Major brands like Ritz Carlton and Waldorf Astoria are currently developing property there, where they have traditionally developed in Miami, Fort Laud, and Palm Beach. 

The good news is you don't need a specialty loan for a house hack, just a traditional primary home loan.

Do you use traditional financing or do you us DSCR loans?

Right now we're shopping around for loans outside of traditional lenders. 

Hello Ralph,Yes you can used a HELOC from another property as a down payment for a new one, then get traditional financing on the remaining 100K. 

In short, I’m trying to figure out if it’s worth pursuing an off-market seller financing deal versus getting a traditional loan and competing for the property on the open market.

Duluth has traditionally had a strong college rental market and thankfully any small decline in enrollment rates haven't been as severe as other traditional college cities, eg.

Lenders will want to know if the property is generating income and if it qualifies for a DSCR loan or traditional financing.

I do not have a traditional W2 job so I can't pursue the typical conventional loan or a FHA since I don't have income (hence the DSCR route).However, I've seen that most DSCR lenders do not lend if the loan amount is less than $100K.

.#6  Knowledge -  Know why STR is better for the landlord than traditional rentals.