I have been looking ino this market, and would love to get feedback from anyone who owns a 1 or 2 bedroom condo in Banner Elk, especially at Sugartop or Ski Sugar Country Club. 

Especially in or around the coast as once again spaces are quite small and if you purchase from a tenant/owner very few MHP owner/managers can legally not force you to replace it unless they already have a pre existing stipulation requiring that the old MH be removed and a new one replace which a lot of MHP owners are requiring nowadays.But for the most part MHC's are really trying to gentrify in MHP'd that are in the path of progress so there is a value added there.

If you have the ability to source investment capital regularly at a realistic interest rate, let's say 7% APR. 

But here is the psychology; because the people that have lent us money are getting a return on their money of 8-12% APR, they are getting their reward already and most of the time they do not take advantage of the learning opportunities offered them.

You typically have to get an appraisal without the "subject to" conditions (repairs seller needs to make prior to loan funding) so if you are technically occupying it while renovations being made, your only concern would be either a pre-payment penalty Or the "flip tax" I just learned about above (Thanks Jennifer)

I am looking to buy my first STR/airbnb property in the Sonora to Dodge ridge ski resort area along highway 108.

The Lake is always open and still plenty of space with plenty of water for fishing, boating, jet skis, cruising,  etc.

You can elect to pay rate buy down for a lower rate but again not broker fee's or lender points.Compare your "APR" to other banks/lenders as well as asking for a "locked LE" Loan Estimate to see what they are offering on a (30 day lock)  There is a lot of "Bait & Switch" going on right now where a loan officer sends out an LE "Not Locked" and priced on a 5 or 10 day lock for a teaser rate.

Even that needs to be vetted and documented along with a pre-existing relationship (documented conversations, phone call, meetings, etc.).

Is there a pre-payment penalty?