The property is a new construction in a build to rent community.  

I came back to Ohio and started working for a construction company, and have been there since. (2017) Currently I manage an asphalt plant for them in Columbus.I haven't done a ton of real estate investing, but have a strong understanding of construction, and project management. 

But it's a lot of extra stress living with small kids in a construction zone.I will say, I am probably not repeating the process as the returns don't seem enough better than the stock market to warrant taking time away from my family. 

The investors that I now work with find that new construction 1-4 unit is the easiest way to find this property.  

new construction homes everywhere. many people waiting on the fence. once the rates drop its going to get crazy again.

You could build that in phases and finish the first 4 and then get your lender to do a construction loan on phase 2. 

Property details: 3 bed 2 bath both sides with attached garages, aluminum siding, copper plumbing, 1972 construction, separately metered, all electric water heater, range, dryer, public water and public sewer on a slab foundation in a great school district right next to brand new construction everywhere.

Economic Timing.According to data compiled by Marcus & Millichap[2], the Portland area has experienced three very important trends since 2010:The average price per unit for apartments has nearly doubledThe rate of employment growth rose from 2010 to 2015 but has since declined steadily, projected to be up 1% for 2020 (estimated before COVID-19)Roughly 30,000 apartments have been built since 2010, with another 5,600 units slated for construction in 2020Most RHA members have enjoyed a solid decade of price growth, rent growth and steady occupancy.

Right now commercial rates are more like 6% with a point. the only loans from banks I see tied to prime are vertical construction loans or horizontal construction loans.I had the same issue with I had maxed out my rental loans with lenders like Country wide and Wells fargo that reported to fico..

Since you will be the guarantor for the construction loan, the lender will expect you to have ownership interest in the real estate.