This type of program works very well for STRs and MTRs.

Industry still looks at STR as a bit riskier than LTR cause there's no lease.Lots of investors use bridge loans which are short term loan programs that include funding toward the acquisition plus funding toward the rehab. 

What types of programs are typically available for borrowers with 800 scores, 1m liquid, looking for 350 to 400k loan to buy land and build a spec for resale.

Buying as a primary allows you to put as little as 3.5% to 5% down.If you do have any issues with the business down the road you can always use a DSCR program which allows investors to buy an property without having to show income or employment.

Lender options vary by state due to state regulations- these type of programs are available in many states.

I have a 5bd/2.5ba property that I am looking to rent and am curious about the Section 8 program given that many residents and potential tenants in this neighborhood pay their rent with Section 8 vouchers.

It amazes me how may "steps", "programs", or "business structures" people think they need to get started.

@Rick Albert I closed my house hack (tripled with ADU) with a 203k version but not that exact program.

I am a long term buy and holder.I started with 30 year mortgages, but later refinanced into 15 years, and some 10 years when the government adopted the "Home Affordable Refinance Program" (HARP) at very low rates in response to the great financial crisis.

Every loan program sets a maximum percentage of that value that someone can borrow.