Operating your rental like a business is mandatory to protect you, your ROI, and your property.Hope this helps...

The best way to think about it is you're in the business of renting a property-that business isn't operational until it's ready and available for rent (aka in service). 

We're relatively new STR owner/operator in Highlands and have been very pleasantly surprised with demand even outside the peak summer season.

In Pittsburgh, where I live and operate, this would be a two to three-month process in front of almost all out local district magistrates.

Supplement this far simpler entity approach by ensuring you have appropriate types and levels of insurance, you operate your business in a manner in which your conduct is not considered an exclusion in your policy, you work with licensed and insured vendors, you execute contracts with indemnification clauses with these same vendors/ require additional insured status &  maintain appropriate licensing and permits.

But the "art" really only comes with time in market and a deep understanding of both the market and the operations of assets.

Most lenders will vary how aggressive they will get based on the experience of the operator (you), but I don't know any that will lender to someone who's never done a spec build like you're contemplating.

I operate 14 properties from the same checking account.

"Soon" is the operative word! 

My job is to thoroughly vet the operator, analyze the market and analyze the deal - then I send the wire and my job is done.