As for capital, I will be utilizing my HELOC for initial fund on first deal.

Turn over cost when your tenants leave (check leases), marketing cost to add to the placement and monthly fees from PM, and utilities if those are provided by the landlord.What's your exit strategy?

After all PITI, utility, and services (lawncare and cleaning) costs I have $7,225.I set aside 25% of this for my maintenance fund.The remainder funds my lifestyle, wife has a Tesla, and quarterly vacations as well as business growth.In 2023 I am tracking to build 4 duplex units designed as room rentals funded in part from a recent land sale.

From the conferences I have attended, all I have read I think 3x rent is more common but that doesn't mean your PM is wrong. 

I then spent a majority of my free time learning as much as I could on the different styles and strategies that have been utilized in the past, reading everything from Lynch’s One Up on Wall Street to Graham’s Security Analysis, to learning how to build out financial models in excel.

I am estimating at least $50,000 between furnishing it and updating.How does this look:$1.3 million with 20% down DSCR loan buy-down the rate from 9% to 8% 30 year = $9,332 (principal/interest/tax).Utilities - $750Income - Was thinking $250 per day but let's say $225 per day for each unit (30 days) just looked at AirBNB and AirDNA in area = $13,500 (.20 vacancy) = $10,800.I would manage it, but still need to think of cleaning fees.

In addition to above, consider utility entrances.

I have an incentive of $25,000 for going with the builder-specific lender, and I'm trying to figure out the best way to utilize it.

I have done a few projects  in N> CA were we did Mello Roos.. and a few with plane ole 1915 act bonds.. its just a common way to develop in CA..

After reading this thread, a few comments come to mind over this common A or B decision.Without knowing how much it is (no need to say) makes my advice (or more accurately, my opinion) more general in nature but here it goes:Lending has very little to no tax shelters whereas buy and hold does.