Also, my biggest question on the IRRRL is does the IRRRL just lower to whatever the current market rates are?

I’m also fairly new to investing and this would be the biggest property that I have the opportunity of purchasing so all suggestions are welcome!

Happy to chat...being a local GC takes out a lot of the risk of the biggest variable for most investors (unpredictable rehab costs) and also allows you to consider more options than the average investor, with your rehab costs being significantly lower.

Maybe the biggest "risk" might be the fact that you cannot occupy the property at all so technically if you run into hard times and need to move into the property thats not intended - but no real more risk. 

My biggest piece of advice would be to find someone who is in the position you would want to be in 10, 15, or 20 years and meet for coffee.

That will likely make the biggest difference on if it cash flows or not.

The biggest drawback I see is that you are not in control, unlike owning your rental property.

Finally my closing thought is, is there any downside to moving HSA banks I may not have considered?

@Matt Wanyes but... is that actually your biggest concern? 

Securing financing is often one of the biggest challenges new real estate investors face.