You just need the right plan and the right people in your corner.A little background on me—I’m a real estate broker, investor, and developer out of Rochester, NY.

You can finance it with an FHA loan (3.5% down) or a conventional loan (5% down) if you plan to live in the property.

While I don’t plan on flipping the house, I intend to use the property for short-term rentals (STR), and based on my research, it seems like it will perform well either as an STR or a long-term rental (LTR).Any ideas on how I can source the financing or recommendations for better lenders would be greatly appreciated!

I'm thinking long term rentals will be a good retirement plan.

UPPER FLOOR" which wasn't great but it's the best option support had for me.  

Yes we definitely encourage everyone to STICK TO THE PLAN when renovating!

You’ll need an agent who knows the area well, a solid property manager, reliable contractor connections, and lenders if you plan to use private money.

I'm planning to use that money for a downpayment  to buy a multifamily where I would live in one side and rent out the other side. 

The plan was to house hack the house by setting up the third bedroom as a studio apartment with its own bathroom and walk-in closet.

I can imagine this is a challenging decision to make.My thoughts:When hope is a key component of the plan of action, it is time to cut losses.