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.

Any follow up? 

I'd recommend having enough to close on the deal + rehab + $5k in reserve as a minimum. 

Most people don't know how to use a wood burning fireplace correctly - operating the damper, not closing the damper until the fire is completely out, going to sleep with the fire or coals still burning. 

You cannot close an RE purchase or sale without using an RE attorney.

Appraiser will use data from whatever closely matches the subject.

My parents had a 3 family growing up and I used to hate going there on weekends but I learned a lot and it obviously stuck with me.

Although I conducted a basic septic inspection during the closing, and the system is in good working condition, it still failed the STR inspection.

If you end up in Cleveland you'll want to read The Ultimate Guide to Grading Cleveland Neighborhoods to give yourself an in depth idea of the market.

Lots of attorneys screw this stuff up.