The two existing LTR units (on my family’s property) were built 5–8 years ago at a cost of about $80,000 per unit, so I’m estimating a 20% increase in costs for the new builds.My plan is to use the equity in the land as the down payment for the construction loan, which I expect will make closing costs the primary upfront expense.

If no one but owner-occupants can STR... then that should mean opportunity for owner-occupants who STR their primary residences in many jurisdictions.- Large remodels or construction projects (Live in Flip) can be self-managed, worked on directly, and the value add, after 2 years, is largely tax free up to certain limits. - Many areas around the country allow for ADU Construction - house-hackers enjoy similar benefits to remodeling projects by being naturally on-site for ADU construction. 

@John Davey Interest on a home equity loan used to purchase or improve rental properties is deductible on Schedule E as a business expense, but not on Schedule A for your primary residence.

Quote from @Allison Littman: I am currently trying to close on a church in Nashville (residential R6-A zoning) and convert it into my primary residence.

These are your primary costs if not NNN.  8. 

I always loved having an HELOC on my primary residence as the answer for me. 

The ADU cannot be superior to the primary residence.

One of the best hacks if you have limited cash is to buy a primary residence with up to 4 units.  

Just be sure to clarify that she isn’t a leaseholder but is authorized to reside in the unit.If you’re concerned about liability or want more peace of mind, you could ask the primary applicant for additional security, such as a higher deposit, depending on what’s allowed under Colorado law. 

What if the primary applicant moves out with no notice?