If that's the case, you'll want to start with a fix and flip (or hold) type of loan, complete your renovations, get it rented out and THEN refinance into a DSCR loan for a long term hold. 

Try not to get locked in too long 4. we're not necessarily looking to go "all out" in terms of theming, but if we did, what kind of revenue does that bring/ROI can you expect, and which Renos for theming are best to do from a cost-benefit analysis, and what do they typically cost?

1) Memphis is still one of the highest-ranking cities in terms of cash flow!

Quote from @Jules Aton: When I did a seller finance deal years ago on what would become a long term rental I bankrolled the rehab funds then re-financed when it was finished.

Yes quite a few of our 5,000 options have rate and term or purchase!

I would find a loan officer that does both conventional and FHA renovation loans to compare which has better rates and terms for your situation.

Tax deductions / write-offs should be a second concern.There are some rules that you need to follow to treat a short-term rental as 'active'(non passive) income which would allow you to offset it against other forms of income such as rental income / wages.

It should include details like the purchase price, property description, and terms of sale.

Even as a broker there are many sleazy Account Executives that try to win my business with terms or extra compensation.

@Michael Baum how many Short-term rentals do you manage this way where you are on call all the time?