4- Is there any way to learn the exact balance of the first mortgage before buying the second mortgage if a final judgment has not been issued for the first mortgage?

One had a final projected cost of about $300K per door, while another 98% occupied building about a mile away and maybe 5 years old selling for $130K a door. 

However even if the cash flow is reduced, it may not be as great an investment but could still be a fine investment.  

They started pressuring us to give them a final decision immediately.

., it seems to be a fine tool.But if you are a real estate investor with a few properties to track, it's really painful.

If they are going to be there post closing, at minimum have your agent do a final walk and take photos and video as you will now be the landlord and responsible to hold them accountable for any damage, so document.Once you get it up as a STR, you should go at least once a quarter to make sure cleaners are doing a great job and make any needed repairs or adjustments.

It is a fine balance between enough and too many, which dings your credit score.

As others have said they only deal with cash buyers which also isn't for everyone... but I will tell you that if this model fits for you, you can't ask to work with or invest with a finer operation.I know this all sounds like its all roses, but I'm sure there will be bumps along the way.

And once construction is done you likely won't find a finance/cash-out option until the business has a couple years of performance under its belt (i.e., business LOC).

My favorite side hustle (other than rentals) is waiting tables at a fine-dining restaurant (and I am almost 50 yrs old).