You basically, need to assemble a team in advance of even finding a property to be most efficient with this loan product.There's more I could explain, but these are the high level details that make the most difference in how difficult or easy the experience with this loan product can be.

If you give me a spreadsheet and explain how it works to me twice (once so that I understand how and why you built it, and a second time so I understand what you want to get out of it), I can do anything with it. 

Whether a flip or buy and hold is better depends on your long-term objectives. 

I understand what is tripping you up let me explain what I learned over time.higher cap rate are usually in worse neighborhoods which means the tenant pool is high risk.

Explain to him that it's going to be foreclosed and lost.

Local governments could only regulate the rentals in the same way as other properties in neighborhoods, a restriction that cities and counties oppose.The House Commerce Committee on Thursday approved the proposal (HB 1011), with Democrats objecting that decisions about vacation rentals – which have sparked backlash from some homeowners who complain about raucous parties, parking issues and a steady stream of strangers in neighborhoods – are best left up to local officials.Despite the objections of local government officials, House and Senate leaders brought together a host of affected parties, including Realtors®, hotel operators and advertising platforms, to strike a deal that has eluded the Legislature for years.

You should be asking your lender what they will refi the property for and you should definitely explain the situation as I am not fully aware of how lenders look at refinancing land contracts.Hope that helped a little bit!

I did get with an attorney- and they did explain to me of everything above in this post that was explained.

It's a bit too long to explain here and BP doesn't allow that kid of post anyway.So, You can click through to my profile for more details. https://www.biggerpockets.com/users/MikeM500 

You should have your attorney explain this to you, you do have one representing you right?