I'm having a hard time trying to find a bank that I can open a business account with online.

Have a solid rehab plan and execution strategy.Expect the Unexpected – Always have a contingency fund (10-15% of your budget) for those surprise repairs.Flipping can be a game-changer if done right.

Congrats on getting started with the STR business. 

The bank will put a hold on them, so you can't just draw them out, so don't plan to need them for a while.This will cost you an appraisal on both properties to be performed by that lender. 

Are you planning to buy your property in your own name or through an LLC?

You can use HML don't get me wrong but if you just put a little bit effort in to pre-planning and getting all your ducks in a row then going with a traditional community bank would be a better option not only for your current new construction needs but also for future acquisitions.

I'm always surprised how expensive Portsmouth is by comparison.May I ask how much you plan to DIY the property management? 

@Austin Steed: on mid-term: general chatter from talking with agents/brokers involved in that space...when I bought my first MF property end of last year, several reached out inquiring my plans for it and if I'd be doing mid-term.

If the landlord is desperate, they should be willing to help pay the tenant to cooperate or vacate.I would also get familiar with the landlord/tenant laws where this is located.Make sure the landlord has a plan to allow your inspector and appraiser (if any of these apply) access to the occupied unit.I did a piece on buying tenant occupied properties awhile back and and got some fantastic responses... maybe something here could help in your situation.

How long do you plan on keeping the house, how much would it take to get it to market value with renos?