My budget will be around $200k but I’m meeting with a lender on Tuesday to go over all of my options.

They won't always be upfront about this with you but if know they're selling because they want to retire, that opens you up to different options vs if they're an investor just selling for profit.

Hi David, If building long-term equity and scaling quickly are priorities, then option 2 aligns better for you. 

Hi BPers!
I have an STR we've run for about a year. While it's positive after expenses and has potential for improvement in year two, it’s been a bigger hassle than anticipated and taking attention from other priorit...

Your options are greater ahead of the transaction as opposed to when the transaction has already been entered into.Best of luck to you!

Personally, I wouldn't offer SubTo or a Wrap, For reasons I've written about fairly extensively. https://www.biggerpockets.com/forums/70/topics/1227199-the-m...However, I would sell on "Lease Option" and that may work for you.

I have heard about doing deals with little to no cash down but I'm skeptical about whether creative financing options are truly viable.

Off-market deals are key if you go this route, so networking is huge.Out-of-state investing is another option people love, especially in markets like PA (Philly, Scranton) or even down south where prices are lower, and the landlord-tenant laws are more forgiving.

But there’s another option that’s often overlooked: mortgage recasting.

Maybe being a limited partner with some of the really good syndicators out there is an option to this route.