Here’s the situation:Purchase Price: $540,000Down Payment: 20%Mortgage Rate: 7.125% (30-year fixed)Monthly Expenses (Mortgage, HOA, Taxes, Insurance): $3,706Realistic Max Rent: $3,000As you can see, I’m currently short $706/month even with max rent.

Then pay them a fee for finding the deal and pay them 8-10% of rents to manage the rental(s).

For the $525K property, with the low mortgage rate(you will probably never get a such low rate), it might make sense to hold onto it for now, especially if you can still sell it as a primary residence within the next three years and avoid capital gains taxes.

For $10K and a lower rate I'd be willing to consider delaying...but only if I knew that lender two was solid on closing in a relatively short timeframe.

@Erik Estrada is absolutely correct that working with a broker usually leads to a better rates and fees.

Potentially lower down needed of 15% with better rate and 6% cap in IPC’s

If you house hack a single family residence by renting out  a room or two then you would have no property tax but if you buy a duplex you might have to pro-rate the property tax.  

Private Money or Hard Money LoanHow it works: Short-term loans from private or hard money lenders to purchase the lot and finance the construction.Benefits: Easier approval and faster processing, focusing on the property value rather than your income.Downside: Higher interest rates and shorter loan terms (typically 6-18 months).

Get a feel from them to find out what kind of fee they could get you.Are there any event planners in Amarillo? 

They have always rented them at well below market rate and the repairs were made by the tenants.