Hi Jagger-Great question.I am a fellow Michigander from Ann Arbor.Nothing against Maine but the Midwest has seen some of the strongest rent growth in the country.When I consult with my clients, if they don't have the budget for a market like Ann Arbor, I direct them to Lansing, MI.The cashflow is strong, the economy is stable, it is the State capital so there is always economic development creating new jobs, the price point is relatively affordable because the cost of living is lower there, and appreciation is predictably linear.I also advise investors to buy duplexes and up so you always have a rent check coming in most of the time if you have a vacancy.

My first recommendation would be to speak with a lender regarding the costs/fees associated with the refinance.Strategy-wise, you're in luck!

Get the cost analysis and blue prints done and work it out with the construction loan committee and start the work draw phase.The other options which can be a little easier is buy a home that will pass an Inspection/appraisal and not be "Subject to" but does need a lot of TLC/renovations and do it yourself.

The disparity between home costs and rent costs are not even across the U.S.

You can also ask for a 'Seller Credit" which helps cover closing costs or buy the rate down if you come in high enough on the purchase offer.

My primary goal is to discover the most effective advice on how to commence with limited resources.

Light cosmetics, generally a quick rehab and low cost

You sometimes go into the blind off of visual inspection alone because it's a good enough deal to absorb those types of costs. 

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If you’re going conventional on a second home, you might want to consider putting even more down and make sure that your debt to income ratio is <41%, and credit at or above 780, ideally, as the GSE’s just made changes to the Loan Level Pricing Adjustment (LLPA) just got even more expensive effective 05.01.2023 but most lenders will either incorporate this into their pricing or will then.