Ultimately, if we could find a financing alternative that was 5% for a good two years - we would be golden. 

Most people on Airbnb are doing it for the kitchen access and cool decor as an alternative to staying at a $100/night box hotel.

Would it be better to find alternative financing through a hard money lender?

Please be sure to select a Solo 401k plan provider which allows you to take a loan and will prepare the required 401k loan documents.The repayment terms are equal monthly/quarterly payments (as you prefer) of principal and interest (e.g. prime + 1%) spread over a 5 year term (or longer if you will use the loan to purchase your primary residence).There are no prepayment penalties and no restrictions on what you can do with the proceeds of the 401k loan.Please note that you are obligated to pay back their 401k (regardless of the performance of your real estate investment).As an alternative to taking the loan, you could even purchase the investment property directly using funds in your Solo 401k (assuming you select a Solo 401k plan provider which allows you to invest in real estate).

Please be sure to select a Solo 401k plan provider which allows you to take a loan and will prepare the required 401k loan documents.The repayment terms are equal monthly/quarterly payments (as you prefer) of principal and interest (e.g. prime + 1%) spread over a 5 year term (or longer if you will use the loan to purchase your primary residence).There are no prepayment penalties and no restrictions on what you can do with the proceeds of the 401k loan.Please note that you are obligated to pay back their 401k (regardless of the performance of your real estate investment).As an alternative to taking the loan, you could even purchase the investment property directly using funds in your Solo 401k (assuming you select a Solo 401k plan provider which allows you to invest in real estate).

Alternatively, you`ll have to look outside the island and the two surrounding areas for a serious discount on the purchase price of the property.

A Southern Wake meetup, and a Multifamily meetup that was alternative between Raleigh and Durham.

Or the other alternative is to buy the property below value, creating instant equity.

As an alternative there are conventional Investor rehab & purchase loans available based on 30 year amortization, personal credit scores.

@John WilliamsSEP IRA contributions amounts would be based on your wife's realtor business.The more money she makes, the more she is eligible to put away for the SEP.Depending on the goals for the retirement account - a solo401k may be a better alternative.