But there is a lot of new construction and rehabs.  

There’s a lot of new development going on in Huntsville proper, but properties in nearby suburbs like Athens, Decatur, or Meridianville are both more affordable at present and less prone to competition from new construction.$150,000 can buy you a tenant-ready 3 bed, 2 bath single-family home in a B-grade neighborhood.

Ongoing construction projects valued between $26 billion and $30 billion fuel employment opportunities.

I love new construction for that very reason.

Will getting this second home loan right now, affect me negatively when I go apply for the construction loan in the next 1-6 months?

For instance in the real world.. i bought 12 brand new constructions back in the Katrina days .. this was in the top county in Mississippi they ranged 150k to 225k each..

For example, you can buy 5 new construction homes at great price points in my market that would be perfect for this strategy.

Outside of my one renovation, I didn't know that much about construction - I've learned a lot in the last 2 years. 

Hopefully as the rates and the housing market loosens so will some of these guidelines in the HML programs. from talking to hard money funds especially those who operate in more than 10 states, and 5 years of experience with underwriting teams, I'd actually disagree and say new construction is preferred to rehab due to experience level to enter the market. there's BP lenders that will do 15% LTC with 1-2 new build experience.

They build on site.One thing you mention is construction costs.