In an era of low inventory, high inflation & mortgages rates, and strong competition, good investment opportunities become more scarce.

I've dabbled in the new construction space here in Chicago and there is A LOT that goes into it...I'd highly suggest spending some 1:1 time networking with some other investors like @Jennie Berger or @Prashanth Mahakali who are both Chicago developersYou make your money with the land purchase and then systems/processes/volume over time in the development game, but it's not easy and competition is high!

For example, if you’re a first-time buyer wanting to see 3 different cities, low down payment Ioan, no real idea of what you’re looking for, and need to lose 3+ offers before you’ll listen to my professional opinion on offer price & terms, you’re going to be paying me a lot more than an informed cash buyer looking in a specific neighborhood that listens to my advice so we quickly win the bidding wars we still have with lack of inventory in desirable neighborhoods.

These policies always weed out competition, ultimately backfiring on the very people they are intended to protect.I’ll invest as always in CO, and while I won’t vote for people who push such policies, I’ll keep investing, knowing that more government prevents the market from working and introducing supply long-term, limiting my competition and driving up rents and demand from quality tenants ever faster.

I'm willing to bet if rates went down significantly than getting this property under contract would have had even more competition.

The VA home loan can be a powerful tool for purchasing a multi-family property, offering benefits like no down payment and competitive interest rates.

There are a few things to come to mind after reading your post, as I noticed its lacking more details. 

And Fixed 2nd Mortgages are fine, but lack the flexibility of a Hybrid HELOC and you have to take 100% of the cash now and pay the interest on it. 

Between the owner occupancy requirement of JADU, the lack of value added by a JADU, and it often making primary unit rent controlled, the JADU typically is a poor investment.  

During the pandemic I did MYR for travel nurses, not for the $ but because of a lack of accommodations by a small community hospital.