Good luck

To be successful with OOS investments, you will need a good PM.

Is the year long lease void completely or is it only void for the time the water is out? 

The county is the second fastest-growing in the U.S. and the fastest in North Carolina.The zoning for the project is already approved, and with our captive audience of potential tenants, I’m confident that all units will be leased upon completion.I’m seeking advice on how to best structure this debt with a private investor or investors in the short term until the property is fully rented and long-term financing is secured.

Did you see a good ROI?

I now want to diversify, I have around $1m in S&P 500, and want to use the other $1.5 for real estate investing.My end goal is to build a Real Estate Empire and I feel like I am in a very good situation to do so,I love working and I am not looking for "passive income".What would you pros do in my situation?

When we list on a site but just put the price of Rentometer.com the home will sit, we need to both market and adjust the rental price weekly to find the right price to get your home filled with good tenants. 

@Chris SnowI would say this is not a good flip I think your best case scenario is your property appraises for $315,000 which means you're all in should be no more than $220,000 less rehab of $90,000 brings you to a purchase price of 130,000.

Personally, I have a stable long term W2 job which can cover my family’s expenses.

(My assumption is it may be tough to prove enough material participation if using someone local to manage.)Two things worth noting:1- I'll be discussing with my CPA in-depth soon, but would like to hear other's experiences on this.2 - The main reasons I'm looking to STR's is the tax benefits (Cost-Seg) & appreciation that comes with buying in these areas opposed to the mid-west where I look for long-term rentals..