@Jason Baker I attended the University of North Texas in Denton, Tx shortly after high school.

The down payment might be a little higher, but it will be a much longer-term loan that you won't have to worry about coming up with big payment in month 24 and it'll be amortized over a much longer time period (probably 25-30 years), so the monthly payment could actually be lower. 

Q2 is most important: If the mortgaage is upside down, it would have to be an approved short sale and that could take a very long time to rectify.

I'm considering purchasing a condo or a small SFH in the Oceanside/Carlsbad area as an investment property and renting it out on a short term rental site like AirBNB. 

Some a short-term loan can also help you with DSCR loans with fewer regs and guidelines making your loan process much simpler.

We are now doing short term rentals but we're thinking about changing to a small wedding venue. 

@Shawn Questa I agree with you that there could be some opportunity here, but personally, with that little equity in the property, I'd wait for the pre-foreclosure process to start and  perhaps you can do a short sale (though I don't know the details on how that's handled in TX).

I’m currently exploring the Short-Term Rental (STR) market in Ft.

Properties in the Southeast of Mexico often offer ROI upwards of 10%-15% annually, especially in short-term rentals.Key Benefits:Tourism Growth: Mexico welcomed over 40 million international visitors in the first 11 months of 2024, surpassing 2023 figures. 

I think one of the older resorts that still do allow short-term (Airbnb rentals) would fit the bill.