This will give you more time to shop rates/fees than to be under the gun with a purchase loan. 

First off- $4.5M for 48 units and 50% are vacant is not a steal, unless this property is located in a downtown area and you have a contact with a developer who will pay 2X to build a high rise. $93k/unit for 50% vacancy doesn't carry hardly any debt, hence why they are capping you at $500k.

Note: I'll caveat: I believe that other factors should be considered when analyzing the market as well (i.e. economic growth/stability, low crime rate, affordability, etc.)

The interest rates are terrible. 

After buying this house, I partnered with others to invest in a duplex in the Wichita area.At the moment, I’m living in Tennessee, and I’m weighing two options: either selling my house and using the proceeds to buy a duplex in Overland Park or Wichita with my partners, or keeping the house for another 3 years, transferring it to our LLC, and renting out the entire property to maximize its rental potential ( $1400-$1600 ) I currently owe $200k on the property with a 6.5% interest rate, and my monthly payment is between ($1,700-$1800).

Higher turnover rate of tenant2.

Such cities tend to have lower prices that rise slowly due to limited demand.

The jury is out on summer, but we are already cutting rates significantly to get bookings for our properties.We are currently trending toward 2019-ish rents for most of our properties. 

I agree with most people in this forum that mid-term rentals are on the rise and gaining popularity. 

This has definitely paid dividends for us when it comes to mortgage rates and lending options.