If the seller mentioned that the HUD loans have no interest or monthly payments, this might be accurate for certain specialized HUD programs or subsidies.

.- Investment Lock-Up: While there’s a chance your funds could be tied up for a bit, if the property is well-designed and in a desirable area, you might see appreciation that allows for refinancing sooner than you think.Buying an existing property:- Less Risk: Existing properties come with a track record, so you can analyze their performance and potential more easily.

My vacation rental performed really well during tourist season, then poorly for the other 6-7 months.

If the software is not simplifying your life or making you more accurate, you shouldn't use it.

For example a DSCR (debt service coverage ratio) type loan looks at how a rental performs to determine how it qualifies for a mortgage.

Accurate due diligence?

Generally speaking self-performing construction can be wise if you are an experienced builder.

My property performance is way below what AirDNA would estimate so I am trying to do some investigation on my own.

I'd have to plan around that in case I have to front the rent due to poor performing rentals. 

The biggest "risk" is them performing, because at end of term that means they complete purchase of property.