Purchase price is below $30K, renovations cost based on one contractor bid is $350-500K.- Best way to estimate the ARV.  

I thought that loan was based solely on the property that you're purchasing. 

Thank you for the encouraging words and the valuable advice!

I'm currently based in Jacksonville, Florida, and I'm looking to connect with other real estate investors. 

There were an estimated 800 STRs operating in the township before the ordinance and based on a surge of new properties for sale, some of those operators are getting out. 

Quote from @Michael Morrongiello: That is also my understanding as wellThe junior 2nd lien gets wiped out it gets  wiped out from that property but the debt remains with teh borrower.. although unless its a commerical deal with a PG rarely do banks go after the borrower just based on the note. 

One thing I run into often are borrowers who are looking for loans based purely on the After Repair Value of a Fix and Flip investment.

@Juliette Olsen While this is a very personal decision based on many factors I think if you already have a decent list of contractors having previously been living in the house then you should be fine self-managing should you so choose.

Awesome to read all of the posts and replies on BP...I can tell this is going to be a great resource for me.I'm new to the real estate game and see my first investment being in Spain (I'm moving there this fall and the plan is to be there long term.

I'm based in Orlando and would be happy to chat about BRRRR financing strategies.