Hey @Greg Strunak, get a good CPA to help get this all setup.

Is this ok, or is this a terrible first BRRRR? 

i strongly disagree with this. 

I would use this furniture and the existing photos so I could go ahead operate. 

This will clarify and reinforce what you are reading.

High rates are here for at least the medium-term (1-2 years), so deals will have to pencil in this current environment.You may also want to consider hard money for your lending, as they can often fund your construction with far fewer restrictions than a HomeStyle loan.

This looks like my Uncle Bob's house. 

You should come to visit before buying. 

This is based on demographics/interests including age, profession, income etc.. 

I agree, you need to confirm this with the city.