I like the idea of just doing a DSCR loan though like Michael suggested.Some other things to consider:Will the seller of the second property take a short term note for the balance of the purchase price after you eliminate the debt on it?

We've managed to save about 30% in a relatively short time for our dream home in her home town, worth less than 200k USD.

I also agree with what others have said, if they really could get 200% returns in such a short period with acceptable risk, they would have investors beating down their door.

My plan is buy and hold a long term rental first and then slowly evolve into short term rentals.

As you investigate your options in real estate, keep the following tips and ideas in mind:Determine Your Real Estate ObjectivesMake Use of Your Construction SkillsExamine Various ApproachesMaintain Your Mentorship LearningThink about short-term rentals and AirbnbCreate a Network and Look Into Local Real Estate MarketsSpread Out Your Investments Financial PlanningRemain FlexibleRemember, your hunger for learning and willingness to think outside the box are powerful assets in real estate.

However, midterm rentals are a hospitality business much like short term rentals and most PMs have no experience working the hospitality side of the equation.

Most need to be repaid back, but there are better ones out there that do not need to be paid back as long as you live in the home for a certain period of time.There is a nationwide grant available that we use called the WISH grant. 

Make sure that you have an inspection period of a couple of weeks to get contractors, inspectors for roof, foundations, electrical, plumbing, etc to make sure it is not needing too many repairs.From what you have said, it sounds pretty good.

Short term plan was to do some flips to learn and earn.

We engage in variety of strategies/tactics, including wholesaling, flipping and rentals (long/short-term) for acquisition of  single and multi-family properties, and small apartment units (5 -50 doors).