Hey @Josh Aljets, being new, you're missing the bigger picture. 

I'm not sure how much I'd expect to pay for closing cost.One is without payment assistance; the other is with the new generation loans in Minnesota. 

I am new to real estate investing and was looking into taking a heloc on my primary to purchase land and do a construction loan.

Fix everything you plan to, clean it, have it professionally photographed and listed with a realtor to make sure you get fully vetted tenants and the most options.If you were a renter in today's market and walked into a new listing with a nice front photo online and it was under renovation, would you pay market value?

SHould I just pass on this old property and look into new construction?   

@Saleh Riazi Google Intel factory New Albany, OH. 

Take a look at BP's blog where new articles are published every day: https://www.biggerpockets.com/blog4.

A common mistake I see for new STRs is making sure to fully understand what your property manager does.

Supply and Demand Dynamics Impact: Rent control can reduce the incentive for developers to build new rental units, which may limit housing supply and affect demand.

So, if interest rates are a buyer’s primary roadblock, then I recommend negotiating a rate buydown at a seller’s expense or looking at new construction, where builders are offering rate reductions and other substantial incentives.