It looks like you are doing an affordable build based on the cost but hard to say since you didnt provide info on the build itself such as square footage and finishes.

Here are a few thoughts based on my experience:1.

The modeling of this is actually pretty easy (see link: 42-unit proforma sample), but my model treats the pre-refi loan as I/O, but that can be updated based on your deal.

If it’s a good deal based on the comps, and in a good location, then I’d look into a conventional loan and maybe putting a little more down so that it cash flows.

Quote from @Brandon Croucier: Financing a commercial MF that runs as an STR is possible.Appraising a property based on the income is not, whos to say a buyer would STR the property. 

Based on what you shared you are not financially qualified to own real estate.

Please let me know your thoughts… or if I am way off base on what you were trying to accomplish.

Each CPA will answer the questions uniquely based on their interpretation of the tax law as well as your specific scenario, so I highly recommend having a trusted CPA answer this for you.

It would likely be comparable to what you pay in the NE.Just google "Lexington County tax estimator" or whatever county you're interested in and you'll usually find a web tool from the County you can use to estimate the tax bill based on the previous year's assessments.There is also a law called the ATI tax exemption that can potentially lower than 6% rate by 25%.

Based on our preliminary plans we should be able to relatively easily convert the basement into a 3rd unit or just rent the 1st floor as a duplex down 4bd.