I don't work in Nashville area but $165 per sq ft seems quite low to me.In terms of financing, I would speak with a few construction lenders and also hard money lenders.

Focus on areas with sustainable taxes and long-term rental demand, targeting groups like college students, young professionals, or travel nurses.

My ultimate goal would be to buy fixer-uppers to turn into long-term rentals.

The owner should look at it more like a DSCR, and should be pricing the property and offering terms such that the income from the property is adequate to pay back the loan.

As a investment property lender we saw a lot of success with flips but an even bigger jump in BRRRR success with borrowers holding as long term and short term rentals. 

Much better as a short term acquisition strategy for flips IMO but always a high-risk strategy that should not be practiced by anyone who doesn't have the liquid capital to pay off the loan if needed.

💪Flipping in C-D areas is smart for avoiding long-term headaches, especially when it's not worth the upkeep.

We only have 6 doors.  5 are long term leases and 1 is a furnished medium term rental. 

Off market is really just a marketing term. 

Although whichever option you go with make sure you're also thinking about the long-term property value and what makes the most sense vs trying different angles now that negatively impact future resale/property values down the line.