This is one of the main inherent risks with pre-construction, and the pre-construction market has cooled, and with impeding tariffs, there is some uncertainty around where prices will be in the coming months.One thing to clarify, are you looking to buy an investment property or a primary residence (or perhaps abit of both where you live in one unit and rent out the other)?

Value: I am paying current market value. 

Seems like the new on line marketing methods  Section 8 is the new shinny object..

The original six month tenant I had extended the lease 9 times and stayed a total of 5 years, paying me about $15k over market rent annually.  

This means having to take a chance and take the property off the market for 2 weeksOption 2- Accept the offer with a provision that allows you to continue to market the property, knowing that there's a chance FHA may not fund the deal. 

I am not sure if I should stay local to my market.

I’m brainstorming ideas on how I can market myself to potential mentors in the STR game in order to gain experience.

The best way to learn the multifamily market is to purchase a multifamily property.

Hey Paul, I've done a few of these with buyers moving money from California to the Detroit market. 

I think you have the basics of meeting partners and people to work with in your local market and seem to be well on the way with two deals going already so big congrats there!