However, midterm rentals are a hospitality business much like short term rentals and most PMs have no experience working the hospitality side of the equation.

This equates to over $200K actual tax savings that I would have otherwise paid in taxes.

There is math required.If the title insurer is removed from the equation, that's one less mouth to feed (no % remittance to the insurer would be due) plus a lot of admin and post-closing work would be saved. 

Based on the train of thought you shared you are completely ignoring a critical piece of the equation which is your own capabilties and whether you have the ability to execute on the opportunity.

And bad credit usually equates to a tighter financial situation, so taking on a higher-interest rate loan is a risk for someone like you. 

Yet, accessibility doesn't always equate to efficiency or quality.

Smart equates to experience, which I know you want to build up, so in the beginning it might not be profitable, especially the more complicated the construction project, but you’ll learn stuff.

Prices soften a little....but no where close enough to offset increased borrowing costs.There are basically two logical flaws that lead people to the conclusion that rising rates equates to equally low prices.1) They assume that other investors have the same borrowing costs that they do.

Little bit of a learning curve because you can customize reports and analysis based on your own equations but once its setup, its very effective and works great.James Storey, CCIM 

Curious why you are taking out equity/appreciation from the equation?