In the future, we plan to be more conscious about cheap and affordable style choices.

My hypothesis is there could be unique considerations around:  1) insurance, 2) environmental diligence, 3) due diligence like estimating vacancy, and 4) how best to research leasing comps because commercial leases are so different among other items.

Compared to conventional, the closing costs will be somewhat higher, the origination costs could be between 2.5-4pts, upwards of $2k for an appraisal and environmental docs is not an existing rental unit... but you could be looking at rates in the low 4's provided none of the 5 of you have low credit.Cheers!

Many local gov't will require a feasibility study, environmental surveys, storm water run off reports, etc... it varies from county to county, state to state, but be aware. 

You will need a commercial narrative report (commercial appraisal), possible environmental report and the land may need top be surveyed to get the proper ALTA endorsements from title.

You'll also want to be very conscious to create a diversity of product. 

I am also leery to give or ask for a SSN as I am very security conscious.

Because if a buyer doesn't have to get their own mortgage on the property, it will bypass the environmental inspection, appraisal, etc. - speeding up the closing timeline.

When the structure is serviced by an individual sewage disposal system, the applicant shall have the existing or any new system approved by the department of environmental management.

I would only recommend in A/B class neighborhoods otherwise guests will be turned off and you'll have environmental factors that disrupts your operations.