If you are willing to do some work, you can force appreciation, capture some equity, which boosts rent-to-value.In terms of areas to avoid, I would stay away from the East side, particularly anything along Post road between Pendleton Pike and I-74. 

Quote from @Brandon Croucier: The loans are available but nobody wants to do them.There always seems to be something wrong with the properties, as lenders we just can't make enough $ for our time.9/10 Borrowers also complain about the "excessive fees" for the loan amount.If you are okay with paying 8k in closing costs then the loan is available. 

I've been pre-approved for a bank loan but haven't thought about someone with experience working with investors for deals.

Just make sure to adjust the rent enough to cover the average utility costs and include it clearly in the lease terms.

But if you're holding long term with no plans to sell in near future - better to get them leased up!

Make sure it explicitly explains the process for termination if you are unhappy with their services, especially if they violate the terms of your agreement.3.

FHA loan through my mortgage broker associates.

I know of some folks in KC and Memphis doing new builds like this, but they are doing it within a much larger and long-term project that includes upwards of 300-500 units built over the course of 5-10 years.Assuming you're looking in Columbia, do you have a "B+/C" neighborhood in mind?

If it's on the higher side you may want to consider it for mid-term or long term rental, but if most stays are below 30 it can be viable for short-term! 

You would need to let them know you are 2nd lender and want to pay the loan off.