. ;-)Some things come to mind-do you host yourself, have a property manager or co-host, is your STVR dog friendly, do you have king beds, where is your market, do you have professional photos etc.

Question: Should I collateralize the loan (if using private or hard money), or rely on roll-over loans (to maximize the lower points and 3-4% rate)?

I might have a private lender referral that does rural loans in Mid-MO if you're interested. 

I've personally utilized private notes on three transactions and participated in another handful of negotiations with sellers on behalf of buyers in the past five years. 

I haven’t gotten a tour yet, but based on driving by and photos of the inside, it looks ready to rent right away.

Private Money or Hard Money LoanHow it works: Short-term loans from private or hard money lenders to purchase the lot and finance the construction.Benefits: Easier approval and faster processing, focusing on the property value rather than your income.Downside: Higher interest rates and shorter loan terms (typically 6-18 months).

But there arent a lot of photos. 

pretty small hurdle to have a good win as a private lender just get paid as agreed.now equity participation loans those can spin the needle pretty well ..

I have found this much easier than being a private lender. 

You have zero control over the stock market, whereas when you do private lending, you have significantly higher control and contractually guaranteed return on your money.