But yes, for LTR you will be negative most likely.

Perhaps your rents are just higher, but I wouldn’t suggest getting into a negatively cash flowing property especially for your first one.

One or two little mistakes in your underwriting, a miss on the walkthrough, and you will blow right through your profit and come out in negative. 

How about realizing that when you use the current property taxes of a property you are buying to calculate your per door profit that the following year your taxes will reset to what YOU paid for the property and will likely significantly increase your tax expense - which can take you from a positive cash flow to a negative cash flow on a low cash flow property… now you are paying your tenants to live in the property every month out of your W2 income  hoping for an appreciation play until rents hopefully increase.I could go on and on.  

I believe San Diego is a great RE market but the reality is it is very competitive and most purchases have negative initial cash flow.  

I love the concept especially given the need in your market for storing things like snow machines, boats, rvs etc, but also for repair or general "fab shops".As long as you are seeing the demand in your specific market for these spaces, and perhaps its worth getting some leases signed up prior to breaking ground but thats a personal preference thing, I think the numbers look promising if the use case is there.

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?

Just a small update, I've gotten some great feedback from you all, gotten some bluntness, I've gotten some positive comments, and I've gotten some negative comments.I've taken everyones advice and went gungho.

Problem: Not having a mentor - piggybacking on the concept of an accountability partner, most people underestimate the value of a mentor.

So, even a small negative like a $50 unpaid cell phone bill that goes to collections when you switch carriers tanks their score.