Doing a quick scan off I see there are about 5k STRs in Colorado Springs (assuming you are there and not a neighboring town I am gonna say the town has minimal restrictions).

And don't expect the compliant tenants that complained to stay after you minimized their concern and did not address it.

minimizing free cash flow with larger mortgages or shorter term mortgages takes the cash flow which would be taxed and puts it into the amortization of the loan. 

I’m hoping to not build until I acquire more revenue from profits of the plot via flea market, parking, boat parking, or something else that requires minimal investment.

However:Capital gains taxes can be minimized through deductions like rehab expenses, holding costs, and agent fees.Alternatively, if you decide to keep the Mooresville house and rent it out, you could potentially defer capital gains taxes through a 1031 exchange, but this only applies to investment properties (not primary residences).

I usually tell my clients that you should expect that you have to refi at MINIMUM, 1 year after initial purchase to minimize the Appraiser risk.

Focus on cash flow and exit strategies, and consider starting with a smaller project to gain experience and minimize risk.Good luck!

I set up the entities using diff companies and paid about $1000 for all three (I got minimal boilerplate operating agreements).

A lot of my clients buying in FL are happy with minimal return but are buying for second homes, tax benefits, etc.I would stick with value add - with refi you can still achieve high CoC and a good equity position. 

Consider off-market sales to avoid public listings and minimize tenant disruption, using discreet marketing or a wholesale strategy.