Other local lenders I have used recently do not have very favorable terms. 

Cincinnati and Dayton are great markets for both cash flow and long-term appreciation.

The terms are also similar to conventional investment property loans - 30 year fixed rate, 30 year amortization (or up to 10 years interest-only).

I was last getting terms around 5-6% for the first 5 years, then floating with prime, 20 year term. 

I'll work with an attorney to assist with drafting that.Q2: Yes, I'll talk to my CPA but we'll most likely hold the property for at least 1 year under the LLC given our timeline to design, permit, build and sell the property, meaning I should avoid short-term capital gains.  

Quote from @Steve Englehart: I currently have two long term rentals and am looking into buying into the short term rental arena.  

I’ve been in the industry for several years, and my work has given me a solid understanding of property systems, maintenance, and what makes a home a great investment.I’m now looking to expand my own real estate journey by learning how to acquire and manage short-term and long-term rental properties.

just double checked my lender is now 80% LTV for short term rentals only 85% for long term rentals

Until the conditional use permit is applied for, an operator of a short-term rental is required to apply for a short-term rental permit.

Sign an Assignment of Contract:      Check the terms of the contract.