The hard money loan itself will cost me very little.

I didn’t like the expense involved when I researched cost of maintaining a business account to self manage 1 rental and found that the LLC route wasn’t necessary if we maintained an umbrella policy, so I just keep track of rental income and expenses (not that hard) on the one I self manage and any extra expenses on the ones managed by property management to add to their annual summary for my accountant.

***I think diversity in investments is a good thingAge: 40, with a relatively high effective tax rate. *** What does "relatively high" mean?

Any idea on what would be the per sq foot construction cost for this project?

You'll want to look more at the closing costs than the interest rate since you should have 50k worth of work done in a few months and your rate is annualized meaning that you'd be paying about 1% interest per month.

Here is what I proposed:Setup fees : Administration Setup:One Time Fee: $400Guidebook: Using professional photos give the guests a professional tour of the house and how the home works (Wifi passwords // How to use grill // How to use propane fireplace // Hot tub instructions // Sauna instructions //Check in and check out instructions //where extras may be storedOTA (Online Travel Agency) setups: taking professional photos and actively updating your listing on popular platforms;PMS (Property Management System) Setup Smart Pricing Set upWebsite integrationOther (furniture arrangement / design / décor shopping and set up) $50 per hour· Placement fees · Marketing Cost: Variable depending on needs/wants for marketingFacebook AdsGoogle Ads Cleaners: Set up procedures/take pics of expectations· Management fee—30%Guest communicationCleaner communicationSetting Rental rateDealing with small maintenance issuesBooking CoordinationSmart Lock integrationKeeping supplies stocked (TP, paper towel, all cleaning products, coffee, filters, creamer, sugars, teas,)(Receipts would be submitted on a monthly basis for either reimbursement or book keeping purposes)Encouraging guests to leave good reviews by periodically checking in, providing a review template, and ensuring guests receive the amenities they are looking forContinued marketingMajor Maintenance fees—OwnerCleaning and laundry services fees: Cleaning fee to the guest depending on how cleaner wants to charge

What I paid for it + the cost of the improvements (~$200k)2.

., won't credit you the cost to fix, a delay longer than 30 days while the bank is processing "re-inspection', ETC) than you can cancel the contract and receive your escrow back. 

There are far too many hungry loan officers (No offense) trying to make it in the business who are never closed on a commercial loan of even A DSCR loan.The problem with that is it will cost you lost money and most importantly lost time!

You can do that to help cover down payments & closing costs for new real estate investment purchases.Now lets look even further down the road.