I also understand the concern about borrowing 100% of transaction costs.

You should talk with one that understands real estate rules and another that understands special needs trust and SSI rules. 

.- OP has not indicated they will involve HOA even though multiple replies suggest doing so.OP asks for advice, but seems to ignore it.  

If you're looking at Cleveland, I suggest reading The Ultimate Guide to Grading Cleveland Neighborhoods to get yourself an understanding on the market. thank you!

And when investing out of state, make sure to work with a local trustworthy professional who will have your best interest and understands your needs. 

And some of these left HML in a tight spot borrowers could not access their draw money.. this happened just recently to Fund that Flip.. and their borrowers I know i got a call from one of them that was owed 300k in draws that was not coming.I can understand that rates aren't what they are when you close as when you get quoted, but if you offer a "rate lock" and use that term, you need to stick to it even if you aren't required by law to do so.

@Josh WillisHouse hacking involves buying a small multi-family property and renting out units to cover mortgages.

And I understand that i am college kid with no money or experience but then you see people like Rob Beardsley who dropped out at 20 and bought a 200 unit property through syndication and then you think, hm, maybe its possible. 

Understand the basics of private lendingResearch real estate marketsDetermine your investment strategy and criteria for loans, including:- Amounts- Interest rates- Repayment termsCreate legal documents with a lawyerNetwork with real estate professionalsPerform due diligence on potential borrowers and their projectsBegin with smaller loans to gain experienceMonitor your investments closelyConsider joining a private lending group for additional resourcesStay informed about real estate trends, lending practices, and legal regulations

I think one thing people need to understand is in the US the ten-year treasury is competing against the mortgage-backed securities and while the ten-year is impacted by interest rates, its not the only factor and amount of spending we do also impacts it.they auctioned off 30-year today and it went really bad as no one wants our long-term debt and it sold for 4.3%10-year notes recently traded for 3.96% but again very weak demand - which I believe means yield prices may continue to move up, which means interest rates are not going down dramatically anytime soon - so that fed 25 or 50bps drop is not going to have your mortgage lender dropping rates suddenly the next day...Now the spread between the 10 yr and 30yr mortgages historically is closer to 1.75 but recently has been between 2-3% due to yield curve.