Just want to get a better 20,000 foot view of the different markets in the country being so new to this world myself.If you choose to respond, thank you for taking the time to answer!

However if you're offer is ludicrously low the seller can choose to just not counter you. 

Most people think the limit you choose is based on what you paid for house.

They are letting you do a full cash out refi without walking the interior of the home if you choose for them not to?

But this is the EXACT reason that when I go to by an STR, I choose mature vacation rental markets that have weathered many recessions (1981, 1991, 2001, and 2008) rather than jumping on the metro market STR bandwagon that is relatively new as of the past 10 years, and comparatively unproven during a downturn. 

This can cost thousands.If you go the investment only route, and choose to not live there, loan options are much more reduced, and generally are 20 to 25% down.Hopefully that helps!

Choose wisely.Lastly, work with someone who has the heart of a teacher, not that of a salesman.

if you had to choose the top 3 cities in North Carolina that could possibly be the next “Raleigh”, what cities would y’all choose that could be it in the next 5-10 years?

They have saved me more than once from choosing someone with issues.This one admitted to the prison  when I asked her, but insists it was only as a user, nothing else. 

what @George W. said is spot on, make sure that you give the next set of contractors you choose to work with the story on the project just like you did here, but be forewarned some contractors wont touch the job because of the issues with the permits so you'll want to get your arms around that issue asap.