If you are from CMG, DO BETTER! 

I am in the Houston area and my primary goal is to become financially free and look to enjoy more quality time with my family as I do want to move away from the day to day desk job.

@Jonathan B.On a reverse mortgage no, but if it’s going to foreclosure then it’s typically because it’s upside down / under water or there is no heirs.You could call the attorney and ask if they will let you know what the opening bid or payoff is on the property or do a case search on the county website and see the complaint as that will typically tell you the amount.

What do their calendars look like, what is their nightly rate and amenities they offer.Look at the pricing of places you are interested in and run some numbers. for get STR in Vegas go mid term rental  those will bring in basically as much if not more than STR with not nearly the hassle and  such..

Do you want to be a house flipper?

And could start making a small amount of cashflow and start gaining appreciation with an LTR.Or do we continue to save up and get a better property in a good location with the amenities we would like to offer with an STR?

What areas of Savannah do you have the properties?

How do I acquire this property?

You can take 80% of the new appraised value with an FHA cash out refinance.You likely do not want to do an FHA cash out refinance as you are looking to move to your next project.

Thats what I would do next and you can really just see what the numbers tell you (and look at different rate/refinance scenarios how it would play out in the next few years)