@Danielle B when buying out of state you have to know the people you will be working with. 

People told me I shouldn’t use my retirement funds to get started, but glad I did.

Also looking forward to meeting any local wholesalers or people living out the house hacking dream.Thank you to @Scott Trench for leaving a great how-to on introductions!

Second biggest mistake is failing to realize these construction loans allow draws on improvements meaning cash expenditures are required before the first draw can be issued.

Quote from @Andrew Steffens: There are probably more experienced people on this type strategy who will hopefully chime in. 

There's a post right above mine from a lender... there's always a lender offering $$$ even when people can't afford it. 

its not the notes per se its the assets securing them.. this model has been tried many times and it fails most every time..

They repeatedly expressed dismay and said that very few people ask for a refund. 

My experience has been that although I outline the requirements for tenancy in my properties, both brokers and PMs still send people who would qualify for most property owners but do not meet my outlined criteria; and then are SHOCKED when I reject them.  

Hopefully the permitting people are nice and will offer some guidance.