Hard money costs do eat into the profit but a good hard money lender will want to make sure you are making a sufficient profit on the deal after holding costs, etc. 

If anyone does this, theyre likely doing it as a favor and not a for-profit venture. 

I’m currently working towards another rental property (duplex or larger) but I know I still need funds.

If you use a PM, you are cutting heavily into your profits.

A 1031 exchange doesn’t apply, but funding through a self-directed IRA can defer taxes, though profits from debt financing may trigger UBIT.To reduce taxes, consider forming an LLC for better expense deductions, offsetting gains with investment losses, or holding the property for 12+ months to qualify for lower long-term capital gains rates.This post does not create a CPA-Client relationship.

However, if you want long-term stability and predictable payments, refinancing might be a better option, especially for larger projects.

The plan is notorious for minimum insurance and they were previously capped at $20M for larger commercial and HOA properties.

Check their nightly rate, occupancy and amenities.That will give you a pretty good idea of need and profitability.

You'd learn and potentially earn a profit at exit.Another way is to wholesale the land.

BiggerPockets has some pro tools that let you see rent to price ratios and other cool stats, I use this to check out various markets and which seem to have better/worse profitability.