I’m brainstorming ideas on how I can market myself to potential mentors in the STR game in order to gain experience.

Again, if your $250k is true, and includes all the electrical upgrades, new plumbing runs, potentially new foundation pour (since I assume the existing garage slab is not capable of supporting a new two story house), I am guessing since I don't know the market, but assume you will have a lot of equity by completing the project.

It's exciting to see your focus on building a real estate portfolio for financial freedom!

Anyone answering is not responding as a Tax accountant, Insurance expert or as a Financial advisor.  

The numbers definitely work if the rehab stays within $100K–$115K and the timeline is 6 months, but with a full gut reno, I want to be realistic about potential delays.

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.

I ask because we only buy houses around the southern US (TX,OK,AR,TN) but we're curious to know if more opportunities to buy foreclosures could potentially exist in other markets. 

It’s a great way to add value to a property without putting a ton of money upfront, and it can set you up for financial success in the long run.Has anyone else done a similar renovation project or used a gift of equity in their deals?

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

A potential issue that could pop up with the refi is your current address on the application being the subject property on a business purpose DSCR loan.