The art is in accurately projecting numbers, which is notoriously difficult.Forget complex investing strategies as someone new to RE. 

I was thinking Stamford at first, but the projected rents seem low for the area.I have one comment on the financing, you mentioned a 30-year amortization but then also mentioned interest only, which one is it?

@Damien Davis you'll make less on the initial projects but the experience you'll gain will be completely worth it.

Quote from @Devin James: Im currently learning this lesson with New Builds that have taken twice as long to complete than anticipated.....Finishing a Real Estate project ASAP is critical because...1) Holding Costs add up quickly- Loan Interest- Property Taxes- Insurance2) Investor Capital- Our financial projections are dependent on how fast we can turn our investors capital.

Any real estate you buy here you want to hold for the rest of your life because of how many growth is projected here!

Most lenders won't require an application fee and should be able to clearly lay out their financing costs, cash to close, and projected profitability for you.I hope this helps.

Then it likely takes hiring a GC to manage the project.  

I'm in Spartanburg and starting some new construction projects.

Do an actual tax projection first before jumping to conclusions. 

The particulars of a project, whether fix & flip (cash now), fix & hold (cash flow), rehab & reboot (cash out), is only one of many ways lenders decide whether to invest or not.