Once the project is completed, the plan is to than refinance into a conventional mortgage. 

LTRs with long term conventional financing and standard management aren't really cash flowing anywhere right now. sure, there are lower cost markets that look better on paper, but there are costs associated with those supposedly cheap markets as well - deferred maintenance, more challenging tenant base, higher cost turnovers as a percentage of the rent.2. i wouldn't pick a random market thousands of miles away based solely on statistics or numbers. 

I would focus on improving your credit and obtaining a more stable income so that conventional financing is an option. 

This is a conventional loan where they also cover your PMI (private mortgage insurance).

Currently under contract for $552,000 with a conventional loan.

If not, I'm guessing it would be treated as a traditional rental loan, either conventional or DSCR, using market rents rather than the rent in the lease agreement.

Any kind of non QM financing will have higher closing costs compared to conventional.

There seems to be a convention to hit just about every weekend. 

From the financing side of things - keep in mind that conventional cash out refinances require 12 months of seasoning in order to use the new appraised value.

Conventional will be reported.