From my understanding, as long as you intend on doing a STR when you close, there are no rules against changing your strategy after closing, especially if you find that something else is more profitable.So in our case, the lender determined an STR would bring in ~$3500/month (with all of their conservative factors), but now that we operate it as a huge 3300 sqft Co-Living property, it actually brings in $7000/month.

ON THE OTHER SIDE, the liability and cost of fencing it in, as I would need to do, is a huge factor... 

I'm not in that market so I can't speak specifically to it, but to me the deciding factor would be what the surrounding units and area has. 

Incensed deal flow by developing a large list of contacts of commercial mortgage brokers using LinkedIn.  

Plus so many companies moving and developing here like Amazon, FB, Google, Nationwide, Honda, Ohio State University, Intel, etc.

Some strategies to get around are:1. leverage your current portfolio and buy in cash, increase value, and then refi2. buy Multi-family so your ratios aren't the main factor to lenders3. get in with a lender for high net worth individuals4.

At this stage of your life, communication skills are most important so be sure to develop those.

Determine the most likely sales price of the build (factor in the cost of the land also) and include all selling costs to arrive at your net profit and ROI. 

Build a strong team, prioritize cash flow, and take the time to understand the local market and regulations, especially for development projects.

Sales is a time-intensive venture, and it takes years to develop a pipeline of clients.