The flexibility, scale and tax benefits are more favorable in the commercial space.Over paying is a subjective term. 

They will be more expensive than conventional loans but are more flexible and are asset based rather than your income based.Preapproval from a HML is generally a piece of paper saying you are approved to borrow up to $X.

I work this way because I'm the spouse with a flexible schedule, which also means I get to spend a lot more time taking care of the kids (no regrets, I love my kids and it is what it is).

Paying an extra $600 - $1200 over the course of a year is a small price to pay relative to having the flexibility and opportunity to be patient and strike at the perfect first investment, rather than the one that happens to be available when your lease ends. 

My “other job” was somewhat flexible about me needing to take time off or shuffle my schedule to accommodate the new job.

That gives you flexibility to either do a workout with the borrower for terms they can handle or hold it for two months till the supposed sale happens and get the spread between what is owed and what you paid. 

They are more investor friendly and flexible on the rules.

Short-term rentals are a good business, although be very wary of some key things:1) if you are looking at urban markets, find Commercial zoned or you may be at risk of a regulatory change.  1a) The cash flow is higher if you rent-to-rent (vs. buy-to-rent), and also more flexible. 

You have time flexibility.

More expensive than traditional loans but much more flexible and usually considerably faster in closing.It is not clear to me how many deals (fix and flips?)