I didn't choose this profession per se; I'm actually disabled and needing to do this to supplement my income (although I have felt immense appreciation for the good tenants and proud of the way I continue to learn).Now I am in the process of my first eviction with regards to my current basement tenant (they're just not paying me rent, everything else is fine with this person but their financial excuses have been hard to keep track of since the beginning).  

Traditional Second Home Loan How did you add value to the deal?

I have a financial advisor friend who said he can defer taxes (similar to 1031) from real estate proceeds into a charitable remainder trust or CRT.

The bank gave him a 10 year loan at 4.25%His P+I was around $88,000 a year. 

Or does it have to be a commercial loan?  

Setting up something like this in a bridge loan to take on some of the rehab could be the best way to go, but most will want to see some 10+ experience to really get what you are hoping.Do you have someone with some "experience' in that space who might do a JV?

It essentially allows them to pass the financial responsibility to someone else without going through a foreclosure or short sale process.How Banks Get Involved: Typically, in a "subject to" financing deal, the existing loan stays in the seller's name, but the deed transfers to the buyer, making the buyer responsible for the mortgage payments.

If you close into a 30 year loan from the get go you will most likely pay a pre payment penalty of 3-5% so that strategy wouldn't make sense.

I was 4 months into my career post college so I emptied my savings account and loaned money from my parents for the down payment.

However, with the projected negative cash flow and uncertainties of remote management, consider the financial strain and risks.