These have horrible rates and fees compared to a true commercial loan, but they close faster, and are more flexible on that DSCR.

Compare rates, terms, and see if you can secure a more favorable situation.Get legal advice on the private loan contract and your rights as a borrower.

I feel as if I have too much debt compared to my income to ever be able to get another loan for the next property.

This would depend on the appraiser giving value (as you're accustomed to), and additionally, a comparative rent schedule using short term rental comps in the area. 

Go on Airbnb and VRBO, see if any other comparable properties also have hot tubs.

The credit union is a lot more flexible on terms compared to the bank where I previously worked.There are several great brokers in the Indy market that work with investors.

I compared condo appreciation for the last 10-20 years and best case scenario I found is annual appreciation of 6-7% according to Redfin.Should I Hold or Sell?

How does that compare to the other markets you are considering?

Chad I find these NE states to be quite complex compared to the west coast states that are really cut and dry when it comes to these issues..

New construction offers a unique blend of potential high returns and control over the investment, making it an attractive option for those looking to diversify their portfolios.The Advantages of New Construction InvestmentCustomization and Control: New construction projects offer investors the chance to tailor properties to meet current market demands, ensuring higher occupancy rates and returns.Energy Efficiency and Sustainability: Modern constructions come with the latest in energy-saving technologies and sustainable materials, appealing to a growing eco-conscious tenant base.Lower Maintenance Costs: With everything brand new, the initial years following a new construction project see significantly lower maintenance costs compared to older properties.Tax Incentives: Many regions offer tax benefits for new construction projects, especially those that meet certain environmental or economic development criteria.How to Approach New Construction InvestmentEmulating Buffett's investment strategy involves careful market research, understanding local real estate dynamics, and potentially partnering with experienced developers.