And then go back to the broker/lender once you are serious or have it under contract about the deal for exact rates and terms

I submitted an application etc but I am going to finish the rehab to get better terms before resubmitting.The back story is that I am about 90% done rehabbing a home for a rental. 

Unfortunately each one is worth 25k. thank you  traditional lenders are not going to finance these properties.

When I go into quickbooks, I can generate profit & loss statements any which way I like for whatever time period I'm interested in and see how each property is performing.

I lend hard money, and that's where I get most of my deals from.OP, how are you going to record a mortgage against the property if there's no TMK?

For payments, tools like Stripe, PayPal, or booking software like OwnerRez work well.Happy to connect if you’d like to chat more or need additional tips!

We moved from CA to AZ last year and have got 2 STRs in AZ going very well.

Down the road, you can also use the 1031 exchange to defer taxes as you go from property to property, as long as they are like for like.I hope that helps get the ideas flowing....

Any tips, warnings, or real-life lessons are welcome! 

I'd recommend looking at costs. your build cost is going to be well over other homes because of the fixed costs like slab, Hvac, roof, etc. check the market drivers and weight the benefits of short term versus long term. long term is no furniture and help pays mortgage but at this size it doesn't really cover everything. we didn't find a lot of economies of scale in single family detached. can you build more than one unit?