You are doing a cash-out Refinance to get the Dollars that you put into the property (cash from purchase or down payment and renovations), and getting it back, to ideally use in the next investment.

Hence, the assumption structure.After completing due diligence, it was apparent the expenses were very high and tenant payment history was less than ideal.

No, a hard money loan wouldn't be an ideal option based on what you described for a couple reasons.First, hard money lenders don't typically loan on owner-occupied properties, and it sounds like that's what you're looking for.Second, and more importantly, hard money loans are usually short term loans better suited for fix-and-flips or for projects where you have a clear exit strategy. 

Advertise to recruit a lot of prospective tenants and then narrow down the ideal candidate through the vetting process.

Being a RE agent will help big time in investing since you'll ideally have the support, network and be in the business to be successful.

So far this December appears to be the highest monthly gross I’ve had booked for my Smokies honeymoon cabin.

Ideal time to start, build a database so when Spring time comes you'll have business.

I don't necessarily mind not cash flowing but obviously not ideal situation.

I was first searching for small multifam properties, but have been getting more settled with the idea of a 3bd single family home with a basement that I can convert into another bedroom/studio (I'm a musician/drummer, so it would ideal to have an area I can work out of where I also live).

You should have a trusting relationship with your realtor who ideally has investment properties in the same area and they should be steering you clear of a poor purchasing decision based on area and condition.