Wealth Building: Paying off the first STR focuses on cash flow and financial security, while buying another property focuses on scaling and wealth building.

With time and persistence, it can provide the kind of financial freedom many people only dream of.

If this isn't required, then most likely having the GC sign a completion guarantee to ensure the project gets finished and lender is not stuck with a partially complete asset is the case. 

The financial analysis side of CRE really excites me.

IMO 6 months is nothing compared to other illiquid assets.

Their rates are good but boy, they looked at my financials and ask some funny questions such as asking for proof that I could withdraw funds from my SEP IRA account, and that I need to provide documentation to verify that  this employer sponsored retirement account allows for funds to be withdrawn, or if withdrawals could only be made in connection with the borrowers employment termination, retirement or death etc. everyday they sent me something new to answer.

Your contractors, staff, and the financial markets will create challenges. 

You're doing a great thing for your financial future.

@Isaac Terry Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I myself work in the real low value asset areas of the country houses that can be bought for 20 to 40k  and I also will do some lux myself like Charleston SC I have built half a dozen 2 to 3 mil homes there as specs..