Unless you have heavy overhead and 1000+ LOs this is the most cost effective option 5.

Detroit would be a solid option if you're strategy involves a little more risk for potentially higher cash flow. 

While I have a fantastic rate, the co-owner's giving me the option to refinance or he'll force a sale.

A couple great co-living options is STR by the room, Student housing, sober living, Senior care... 

However, if managing tenants isn’t something your parents want to deal with, selling after renovations could also provide a large profit.Feel free to reach out if you'd like help with running numbers or considering financing options if you go the ADU route → I’d be happy to help!

Keep providing value add options for your owners & they'll keep knocking.

IF so then Furnish Finders might be an option for Mid-Term rental.  

You don't have to spend a fortune and buy a house directly on the beach to do well, but your starting price point for a viable option in this market is around $350-$450k for a solid 2-3 bedroom oceanfront condo or around $500k for a 3-4 bedroom house within walking distance of the beach. 

(And I know a wrap probably isn't the first option many would choose, but I'm in Texas so its really my only option)

In addition to conventional loans and FHA loans, if either you or your wife are veterans, the VA also has a rehab program.I'd be happy to discuss my rehab experience both as an investor and as a mortgage broker, and at least help you think through your options.