As a landlord, you are representing yourself to the public as a business. 

If you are going to raise equity, you appear stronger if you can originate bank debt at a lower cost than alt. lenders.

My business partner and I purchased a commercial office building a few years ago with creative financing.

One of the biggest issues is probably borrower default—whether due to mismanagement, market downturns, or unforeseen circumstances, lenders can end up in long, costly recovery processes.

@Jacob Flaxman, I am not familiar with this market, so take what I have to say as more of a general comment.My first thought is $250k to build a two story, two bed "house" will cost more than $250k. 

Low cost, possibly yes, but also possibly very time consuming and that has a cost.  

I haven't spoken to the county yet, but will make that phone call today.As far as financing -- I was leaning more towards getting a business line of credit or using a business credit card and rolling it over to interest free cards.

Ensure you have a solid understanding of the renovation costs and timeline.- **BRRRR (Buy, Rehab, Rent, Refinance, Repeat):** This strategy can be lucrative, but it requires careful planning and execution.

Of course don't go there just looking for business, you go because you believe in whatever the group is doing. 

If you own 25% or more of any LLC you are required to register with a FINCEN ID for beneficial ownership by January 1st or you could be subject to $500 per day fines.Have you taken care of business?