Is there a community you are aware of that I could find a private lender that would be interested in terms like this and could provide the cash out refi shortly after rehab is complete with a competitive rate? 

I wanted to build because the area I’m looking is pretty competitive with STR’s and it has to be something unique and attractive and I feel this will be easier to accomplish building new.

Local HML if rates are competitive to me would be a better choice they will help in the buy decisions and keep you from making a big boo boo.

This is especially helpful if you plan to continue investing and don’t want multiple mortgage loans affecting your credit report.Streamlined Process: Since DSCR loans are focused on the property’s cash flow rather than personal financials, the approval process can be quicker and less documentation-heavy compared to traditional mortgages.If you want more info or need help getting started, feel free to reach out!

Very nice market, but pricey and again like you are finding the numbers just don't make sense because sale prices are inflated cause you have paper heavy investors who are thinking way long term and any short term extra costs are irrelevant to them. 

Prices are getting close to California levels and it might be difficult to find tenants with all the competition out there.

We have recently loosened our cancellation policies on most properties to remain competitive. 

If you can find deals in those markets use Redfins market analysis tool and see how long the homes are taking to sell, how competitive and where are people moving to/from and that area and if it’s growing or not. 

Arkansas has some gems with less competition that I would explore, and even a few other areas in Oklahoma are rising.

After doing it for 7 months I realized that the problem wasn't my approach or the letter itself it was more the competition in my market.