Better off buying short term treasuries with as close to zero risk as exists in investing.

There's zero reason to do this when there are plenty of options to avoid it. 

Every market in residential zoning has an expiration date, we just don't know what it is yet.The obvious solution is to buy in already regulated areas with tourist/commercial zoning.The returns are lower, but at least they can't go to zero overnight.

Currently I think 200k being the upper limit of investment makes the most sense and is within my risk tolerance range.

Hiring unlicensed and uninsured contractors is considered  an exclusion under most property insurance policies, meaning you could be giving up that benefit as well.

AMeris bank will do specs I used them.but if you have zero experience you will have to mitigate it with a lot of cash or get an experienced partner.

Nor may appreciate your risk tolerance level.1.  

Ultimately, it’s about what aligns with your budget, risk tolerance, and long-term plans.

Policy is fine.

when I used a capital gains calculator online, if I put zero money down and put the 2 loans, the cap gains is a lot lower than if I just recorded 1 loan and entered the money from the downpayment loan under cash.