I visit and analyze the property, and estimate rehab costs (with experienced inspectors and contractors), add a buffer for unexpected repairs, and provide a financial model with an ROI comparison of a traditional rental vs. short-term rental.Any guidance/tips (positive comments only please) would be greatly appreciated!

We discovered Union Beach this summer while looking for a restaurant, really cute little town with potential, has the nicely maintained Henry Hudson trail running through it (popular for running, hiking and biking), a pretty waterfront with views of Staten Island and Manhattan and some nice houses and townhouse developments near the water.

I am 22 years old and just started working full time but my long term goal is to be financially free.For the short term I will continue to listen and read more books.

If I take a step back in the short term then so be it. 

It was a reverse mortgage sale and owners have turned over to bank and realtor assured it was clear title/deed with no special issues to work through like short sale etc.

So what’s the technique used for discovering there’s a secret extra tenant living there?

This is a very well to do area, you must have connections in finance realm that might be able to get creative with the numbers, or personal connections that would be willing to ease the burden for you over the short term and get a cut of your profits on future flips where you stay within your profitable sweet spot.Your other set of possibilities are legal, and that is really something you need a good PA real estate attorney to pour over your loan docs to see what your options are. https://www.foxrothschild.com/gregory-j-kleiber/

Do you guys know of any avenues I can take to get a short term loan to fund the project?

Would your purchase price cover all principal, arrears and legal fees or was it a short sale?

We bought our SFH in Dec 2010 as a short sale for $425k.