What is worse is areas of Ohio, Indiana etc. will scout properties that are non owner occupied and owned by people out of state and go after them hard. 

If not we could work out a down payment with cash, and finance the repairs through our day jobs. 

You may receive more “no’s,” people ghosting you, or finding people less non committal.  2) Can you "keep your day job" while you get started? 

Hi @Joseph Bui,I'm planning a 20% down payment on the property.

The total monthly payment will be pretty close to this: P&I - $1,295, Taxes - $420, Insurance - $175, PMI - $220, for a grand total of around $2,100/m.

Maintenance costs in a resort area can also be higher than in non-resort areas.Regulatory Environment: Local regulations regarding short-term rentals can change, impacting your ability to rent out the condo or imposing additional requirements or taxes.

Whether or not your existing policy would provide coverage may depend on:1. type of policy2. are you charging for the rental3. are you renting to a non-tenantIf it is covered, you need to work out waivers and contract language with your attorney. 

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620, many blemishes, but should have no evictions in last 2 years.

Here's my experience summarized about the Midwest. https://www.biggerpockets.com/forums/48/topics/1165499-whats...The "cash flow on paper" for Class C Midwest (which is almost non-existent with 7% interest rates) will cost so much in repairs, capital expenses, tenant issues and it won't appreciate enough to make up for the losses.

The Taxable Value is uncapped and equated to the SEV upon a sale or other transfer of property ownership, with limited exceptions.Homestead versus Non-Homestead Millage RatesCounties & cities in Michigan are allowed to set their own millage rates, with one restriction – a primary residence (Homestead) is exempt from up to 18 mills of school taxes on their Homestead property.