Landlords mistakenly ASSUME all PMCs offer the exact same services and operate the exact same way, so price is the only differentiator.So, the first question they usually ask a PMC is about fees - instead of asking about services.This also leads them to ASSUME simpler is better when it comes to management contracts.

I'd build up and go for at least 2 units but 3 stories is better. 3 story walk up apartments account for almost 65% of apartment developments round he country. this is what I'd recommend on your lot. this is 35' tall and we do it in columbus oh 

Or is a construction loan a better way of accomplishing this?

This also leads owners to ASSUME simpler is better when it comes to management contracts.

I personally believe that a better way to jump into mid term rentals is to take a course on buidling a property management company or cohosting business where you bring your skillset to the table without the intial investment into all the furniture and leases.

It does have that unique look, but I would probably get rid of it because it is right in the middle of that space preventing you from using that space better.

I currently have $10K set aside for a down payment, but I’m working on building up more for a better cushion.

I've also seen it where legal counsel has had each of the spouses form their own single member LLC and those LLCs purchase the new property as tenants in common.Food for thought - You'll almost always get a better interest rate and terms buying as yourselves. 

Not trying to be a debbie downer, but I see no news economically that is pointing to things getting better. 

I bought several multi-family this way and negotiated financing terms that were better than the bank.Cody Davis started investing at 19.