@Sean LairdBanks will usually have a seasoning requirement to do a cahsout refi based on the new value after rehab.Seasoning requirement is usually one year of ownership.If you work with an alternative source you can get a cashout refi after 30 days of ownership based on the new value after rehab.Banks will take longer to do the deal may offer a low rate but not the best terms.Alternative source offer more flexible loans and rates vary based on loan type, ltv, dscr, credit, but they dont require tax returns.

@Jessica Wygal There is so much pent-up demand for vacations right now.Consumers still don't feel "safe" staying in a hotel so naturally a STR is the next best choice.

Alternatively, you can also go with companies such as Rent to Retirement that make a lot of the up front work easier for you since they primarily work in new builds/renovations. 

I am looking to get into wholesaling and then eventually buy rental properties so I want to talk to an attorney for formalizing different contracts and things of that nature to make sure I am doing everything by the book. 

@Michael Baum I only mean if the rehab is so dramatic that is warrants it one time, and the poor reviews were specifically about the outdated nature (not location, safety, rodents/bugs, customer service, etc.) 

Are there any alternatives you can think of? 

This is one of the cheapest/hottest wholesale areas in Indianapolis so naturally lower priced. 

There really is no easy alternative solution for you here.

With PD-A or Planned District Alternative you can use the land for a variety of uses, but have to go through an alternate review process.

I've lived in the Melbourne FL area for around 20 years now so I have a natural feel for the region but never really viewed it from a real estate perspective so plenty to learn.