Options like a unique amortization schedule or a 3/2/1 or 2/1 stepdown interest rate could provide initial relief to get you through the renovation phase while giving the seller confidence in a structured payoff plan.To determine an entry point, consider reducing the price based on the current NOI.

Seems like too much work for too little return UNLESS you own the property, or perhaps have an option to purchase the property allowing you to capture any increase in value.   

@Heather Bailey while I live in my duplex, I have a standard Hazard insurance policy and I also carry an additional 500k umbrella policy (optional); both policies cover the entire building, but there's no separating it. 

Not sure why people go for 40-year fully am instead of just traditional 30-year with 10-year IO option, I tend to think the 40 year term is more of a gimmick

Lol Have you done many lease options as a buyer over many year term? 

There's pro and cons to both markets, but in the NE you would also have the option to do MTR in the off season.

This gives you a foundation for making a fair offer.Secure Financing: Be prepared to show you’re a serious buyer with funding lined up, whether through cash, traditional financing, or a creative option like seller financing.Have a Strategy for Repairs or Development: If the property is distressed, outline how you’ll handle improvements to bring it back to productive use.

However, we allow them to bring their own policy too.You should consider researching other options and see if there's someone else who can handle the PM. 

I’d stick to Franklin, Clayton, Westminster, hayesville, Bryson city I'd also add Brevard and Waynesville to this list if you are looking for lower-cost options.

Another option is to rent it out, take out a cash-out DSCR loan, and invest the cash in another investment.