If you get a Heloc, the bank will file a mortgage to protect their interest.

All in, we're spending ~$70k with an ARV of $100-110k.

But the learning process may take time away from your life that you would rather spend doing something else.

You are not too familiar with the area, so if your short-term stay is near an airport you have less travel time and can spend less on taxis.

Talk to some people who run them and spend some time there to get an idea of what it would entail.

Im worried im going to be spending a ton of time sorting these leads.The second option is AGENTPRO24/7 which charges me 25cents a lead but allows me to get more specific in criteria such as 40% equity and between 2-4 years delinquent.

@Daniel WinsorI am not local to Key West however I spend a month or so there each year.

Total spend $210K.

With the cost of homes skyrocketing, construction costs following, here in the  NW, it is common to see RV parks lined up full time with persons not able to spend the 350,00-500,000 to get a decent house. 

@Hadar Orkibi, to give more insight on the $1.4M and rents that Ben mentioned: We're spending $7,300/unit on upgrading the interiors, so touching almost everything.