You get an operation running well and then you can be benevolent.  

There is lots of information on how to analyze publicly traded REITs as well.

I'd recommend staying within 10-15% of the median priced home because that's where the most demand will be not only for renters but owner occupants as well. 

These things happen, just make sure you document as well as possible.

If you have a lot of family in OK, that can be a great place to start assessing since you have dedicated boots on the ground, as well as a reason to visit.Don't overthink the analyzing of markets when you are still figuring things out.

There are lenders out there spending a ton on advertising with an army of correspondent's funneling them loans and many can very well be one and done borrowers because the loan servicing/construction admin is lousy. 

@Toby Fellows I feel ya as I am mainly an investor as well but also hold a RE agent license.

Im the dreamer (although well researched dreamer) and my husband is the risk-adverse.

At some point if you're doing well, maybe turn the first one into STR or LTR, and do it again.   

As Jay mentioned they must be NMLS licensed if owner occupant of in several states even commercial needs licensing.The NMLS is like the database, each state has a division of banking that oversees lending requirements then you also on the federal level have CFPB as well as consumer protection laws.I want to add that I believe yesterday the CFPB is undergoing changes, but if it goes away that does not mean that many of the laws in place especially consumer protection laws would go away.