You could expect rates in the low to mid 7s for a One Time Close Construction Loan.

Long-term, mid-term, or short-term? 

Calling it a mid-term doesn't change the law or how you should behave as the landlord.

You mentioned you didn't want to buy the next property in California.. have you looked into the mid-west markets? 

We are pretty far out down lake from town so people have a tendency to stay longer or arrive mid week.

While I have some liquid cash on hand to kickstart my journey, I'm keen on optimizing my resources.Initially, my strategy revolves around engaging in fix-and-flip projects to generate capital, with the goal of transitioning into mid-term rentals.

I have paid/settled everything and have few credit cards and my fico is in the low to mid 600s.I have pretty decent income ($400K+) and am interested in starting off small.

Look at most mid to high-end appliances these day.  

Purchase price: $125,000 Cash invested: $125,000 The Lakeview Creamery in Pepin, WI is an old Creamery that has been turned into 3 short term / mid term rentals, a boutique retail space, and a storage facility.

There's plenty of solid markets in the mid west from Pitts, PA to the Rocky Mountains that allow investors to enter the game in the appropriate way.