If you initially end up needing to raise rents I like to do them one at a time to minimize potential turnover from happening in multiple units at once.

The purpose of tgis post is to get an initial feel regarding the viability of this idea---This post does not create a CPA-Client relationship.

Can I just add this to the initial basis?

If your goal is only initial cash flow, almost any major metro with a declining population will meet this need.

Possibly set up a single website and consider driving early business there from VRBO or AirBNB to get some initial views.

Trying to match the color that is already on the wall is just about impossible, even with left over paint from the initial painting.

We would like to refinance as soon as possible after the build to recover all or most of our initial investment.

Initially, I'm thinking you are correct that increasing the occupancy won't affect the nightly rate that much.

THEN, I plan to purchase the second home using a FHA or conventional loan (3%-5% down), for which I will likely pay the monthly cost out-of-pocket, maybe with some rental income support if it is a duplex.My concern is, I do not want to spend my savings or weigh down my debt-to-income ratio so much so that I cannot qualify for and pay the down payment and closing for the lending on the second home.Questions: - With the first home being multi-family, 75% of the rental income (or potential rental income initially) will relatively either maintain or boost my debt-to-income ratio from lenders' perspectives, right? 

Rent growth has a much larger impact on the cash flow than the initial cash flow.