We Will be converting one of our long-term rentals into a short term rental soon.

Quote from @Andy Chen: Hi all, I’d like your advice on how to structure a potential deal.A friend of mine owns a property outright that still has plenty of space for additional development.

He has even said on his own podcast that BRRRRs are kind of dead in 2025. 

I am looking to purchase property creatively with a seller carry method.

I guess that's kind of where I am having cold feet.Understood.

To have a well performing site in MN, yes, you 100% need to either be one of these sites, or adjacent to one. 

I doubt you are going to do more than get more interest and some buddies out of a golf simulator and a media room. 

Regarding financing, most lenders will want 15–25% down on non-owner-occupied properties, so 10% down usually isn’t an option unless you live in one of the units and use an owner-occupant loan product.

My husband and I are exploring co-living but saw this as a niche of sorts that can benefit the community.

A HELOC is a great short term debt instrument to get in and out of a deal within 12-24 months via sale or refi.