In my case, I think TK is the best option - at least to initiate my real estate journey.

In Vermont, LLC formation fees and annual report costs can add up.A good friend of mine, Jason, started with five doors and used a single LLC for his properties initially.

Diving into creative financing options like you’ve done shows initiative, and you're clearly thinking about the big picture.

Also, I assume a 10% property management fee in my calculations and based on initial conversations.

I like the idea of a hold back until the punchlist is complete, but that doesn't prevent an unscrupulous contractor from stealing the initial deposit...

I own a high-demand business that I've been planning on selling anyway but that sale will take a minimum of 6 months, so I can't use that for the initial purchase. 

Not only the initial fees, but there are also liquidity requirements, i.e. $300k loan needs to show $15k liquid assets, and draws typically require you to pay contractors and obtain a lien release before you can be reimbursed for the money you paid contractor.While I know there are a lot of people who use low money down loans to get started, it is risky.  

STRs specifically have supercharged our passive income goals and cut down our initial goal of a 10 yr run to get where we want to be in half. 

Actually, you were on the right track initially.

You've overcome the initial hurdle.