@Terry Kearse while the question is broad, the hurdles are drastically different between residential and commercial projects (I have experience with both).

Doing STR is a completely different game.

If you play around with my DSCR pricing engine link in my profile's bio you'll see that the difference in rate for 680 vs. 780 is about 100 bps.Most lenders have brackets for about every 20 points or so.  680-699, 700-719, etc.

If you find your comps are 10 miles away in a different town, you've probably gone too far.To do automated comps is easy. 

If you’d like to own 10 SFHs that’s a way different trajectory than someone who wants to own 100 units of multi family and different from someone who wants STRs in different areas so they have a place to vacation occasionally.

Title insurance requires different policies and premiums for each entity (lender, buyer, wrap buyer).

If you have an actual lending strategy then different loans will serve your overall portfolio goals in different ways.

In California, you can go from 500k to 800k over the same period and the difference is 37.5% or 300k.

@Rafael Ro Why are your numbers different for options #1 and #2?

Different times, different place, different circumstances but did good on each flip at the time.