Your lender will lend money to say 100 investors, then the loans are packaged together and sold either directly to hedge funds or to a mediator between the two parties as MORTGAED BACK SECURITIES. 

Can usually close in a couple weeks, assuming no 3rd party delays.

For that amount, it is likely not worth going the legal route as that is wasted time and negative energy on your part. I

Lending isn't an issue.I think the toughest part is finding a contractor who I can work with on a small multi-family...two to six units.I'll state up front...I'm not interested in wasting anyone's time.

Lending isn't an issue.I think the toughest part is finding a contractor who I can work with on a small multi-family...two to six units.I'll state up front...I'm not interested in wasting anyone's time.

But with STR the makeready cost is nonexistent (especially if you don’t allow parties) so that’s a bonus.

Obviously for us this was the best option over a glorified party.

@Kim Meredith HamptonThe exact line says "This lease may only be terminated with notice of at least 45 days from either party"Am I misinterpreting this? 

There is no way to tell, but this escrow thing puts a third party in control of deciding if the work is completed 100%, if it's good enough, etc...

Perhaps a nice 1950's built bungalow.Always hire a 3rd party property inspector to give you an unbiased feel for the home.