That will help you a lot because it will be tough to attract investors without offering a preferred return.

Here's a recent example: https://www.biggerpockets.com/forums/432/topics/746550-how-to-buy-a-41-unit-0-down-and-make-400k-profitYou can do marketing to attract sellers willing to walk away from their properties because they are going to be in foreclosure, or they are relocating, etc.

The town we're looking at is trying to attract more tourism and is therefore very friendly to AirBnBs, so that should help.I would REALLY appreciate connecting with others who have invested abroad.

At a cap rate of 6.5%, this deal is not that attractive.

(That loan to you will likely be resold and it looks even more attractive to note buyers once you have 6+ rehabs under your belt).

You will love the attractions that are within walking distance such as Chicken N Pickle and multiple breweries What made you interested in investing in this type of deal?

We haven't replaced the roof or the boiler, because they work fine, since we purchased in 2013 but they are on the older side.1) Sell As is and Move2) Develop it as there is 2000sq ft of FAR that we could build and the neighboring property which was the same foot print has already maxed out their FAR and condominiumized and sold 4 condos for about 4m.Not attracted to the condo option but it could be the only way developing the property makes sense.3) Move, Rent out both units and Hold. 4) Move, Rent it out and downsize in another area potentially upstate or a "better" neighborhood in NYCI know this is a very wide open question and alot depends on what we "want" to do.

The homes themselves are cheap for what they are but judging by listings on Vrbo they seem to stack them high and sell them low for vacationers. 4 bed pool homes can be had for $99 per night (sometimes less) but on the flip side they do seem to be pretty booked out.

If so, expect a PM to charge more than they would for a multi-family as statistically, boarding houses attract lower demograpic (equals more management headaches) and more transient tenants. 

Many OOS investors set themselves up for failure because they don't truly take the time to understand:1) The Class of the NEIGHBORHOOD they are buying in - which is relative to the overall area.2) The Class of the PROPERTY they are buying - which is relative to the overall area.3) The Class of the TENANT POOL the Neighborhood & Property will attract - which is relative to the overall area.4) The Class of the CONTRACTORS that will work on their Property, given the Neighborhood location - which is relative to the overall area.5) The Class of the PROPERTY MANAGEMENT COMPANIES (PMC) that will manage their Property, given the Neighborhood location and the Tenants it will attract - which is relative to the overall area.6) That a Class X NEIGHBORHOOD will have mostly Class X PROPERTIES, which will only attract Class X TENANTS, CONTRACTORS AND PMCs and deliver Class X RESULTS.7) That OOS property Class rankings are often different than the Class ranking of the local market they live.8) Class A is relatively easy to manage, can even be DIY remote managed from another state.