So it really comes down to what is the best strategy for you.

You bring up some important points.

In fact, come to the USA and live off of those of us who pay taxes.  

This ties up the veteran’s eligibility, which can have long-term consequences for them.

I wouldn't touch anything outside the urban core. if your strategy is to buy existing and old I'd recommend not to. as a newer investor depending on your liquidity look at build to rent development. building investment properties below market value by 25% and refinancing out of it to do it again. the urban core has tax abatements as well that are 15 years right now you can apply for. that means that taxes will be around $600 to $800 per year. there's cash Flow but the existing inventory market dried up a few years ago in the urban core. local realtors are going to push you to the trash areas like hilltop, south linden, etc because it's the only place numbers work. columbus is great, but remember a tenant who pays $1800 a month is different than a tenant who pays $900 a month. let me know if I can help any other way! 

This allows me to pay off the private loan (~$550K principal + $49,500 interest).

Just sitting on that rate for the life of the loan?

Welcome to the forums, this is so great I see questions about design all the time and I've personally experienced the design paralysis myself.

I’m Zachary Petty, a DSCR loan broker excited to join the BiggerPockets community.

Most lending is based on cashflow, not the 2% rule (although still a good rule of thumb for some types of investments), might have the most help from the group if you provided some of those details here just so it'd be easier for us to help you best.