@Katie Camargo I would consider: HELOC or Cash-Out Refinance:Post-closing, the higher appraisal gives you the potential to tap into the equity via a HELOC (Home Equity Line of Credit) or a cash-out refinance.

Typically, I run a current income/expense column next to a ProForma column to show potential value add opporunties.I agree with @Robert. 

I’m brainstorming ideas on how I can market myself to potential mentors in the STR game in order to gain experience.

Because it takes repetition for people to remember things and you have to be top-of-mind when they encounter a potential client for you!

Younger buyers are still eager to enter the market, and as the economy shifts, there is potential for conditions to become more favorable.

My question is do I go forward with purchasing the property and deal with the higher insurance and potential hazard or is it smarter to walk away?

My property, however, has a 17,000 sqft lot, which offers potential for a future multi-family development.

Again, if your $250k is true, and includes all the electrical upgrades, new plumbing runs, potentially new foundation pour (since I assume the existing garage slab is not capable of supporting a new two story house), I am guessing since I don't know the market, but assume you will have a lot of equity by completing the project.

The numbers definitely work if the rehab stays within $100K–$115K and the timeline is 6 months, but with a full gut reno, I want to be realistic about potential delays.

I found a property thru a realtor and as per airDNA it has good potential, but needs good amount of touch up.