They may want less than what you are planning to offer:)

@Eilon ShohamSTR and MTR can be profitable with the right business plan. 

@Mounish Thatikonda are you planning to do large rehab projects? 

If you don't want to occupy, there are other options that look at the income potential of the property and do NOT factor in your income, employment history or DTI but you'll have a significantly higher minimum down payment - plan on 20% to be safe.

Is there a way to protect myself and recoup any of my equity  (downpayment and any construction I plan to do) if the property by chance forecloses? 

I think my plan would be to stay on that course, not necessarily with multi units though. 

People literally believe this and plan their lives and investment approaches around it. 

FAILURE TO ADHERE TO THIS REHABILITATION PLAN COULD RESULT IN PROSECUTION OR DEMOLITION."

If I can get from point A (drawing up plans) to point B (finishing the build and renting the cabin as an STR) I know that this thing will be a cash producing monster with a fantastic ROI.

Establish your objectives and adjust your investing plan accordingly.