If your time is worth $500 an hour I would spend the 5k on 10 hours of searching for a free mentor.

I've completed extensive rehab projects but had never ventured into ground-up construction before this experience, and I can honestly say it was a lot of fun.

As I have noted in another thread, the number of individuals who post on BP about the Huntsville market that have zero experience investing or managing properties here has accelerated recently for unclear reasons. 

Or is the money better spent elevating the master experience overall? 

With your experience working in building materials this could come easier to you. 

Hey Anton, I'm a broker and property manager here in Sacramento with a lot of experience in coliving, we manage about 100 airbnb rentals and some by the room.

Offering a rent-free period helps the seller stabilize, but what happens if they still can't afford rent when the time comes?

I had two in a renter friendly state previously (one went without a hitch, the second not so much), I wouldn't look to repeat that experience.  

I was hoping someone with some experience would be able to answer a few questions I have, such as: What kind of deal finding strategies are most efficient in areas like these?

The full 5 year proforma is free to give you a good look at what to expect on the deal.