I tried to research as best as i can the forum and all the available tools, but still have questions.

I've dabbled in the new construction space here in Chicago and there is A LOT that goes into it...I'd highly suggest spending some 1:1 time networking with some other investors like @Jennie Berger or @Prashanth Mahakali who are both Chicago developersYou make your money with the land purchase and then systems/processes/volume over time in the development game, but it's not easy and competition is high!

That means don't bite off more than I can chew, it also means get a good grip on the risk of owning it and avoid things with high risk- don't have losses.

Tenant: It's going really high.

I do not have one year of rental history and working with my lender who also has a large portfolio says my rate would be high without that first year of rental history. 

I am also getting 10k seller credit from seller, and could either use that one to buy down interest rate or just pay off the closing cost. the lender is giving me few option one with higher fund at closing and lower interest rate, and one with lower fund at closing with higher interest rate (about 0.2% difference) With the high interest rate right now, do you think it is better to do higher interest rate, and refinance later or should I just try to get as low as interest rate as possible and do not worry about refinance ? 

I agree with the local experts, it's not usually a big deal, but I've seen some pretty high estimates, but normally they're $500-2k jobs at most and they shouldn't hold up the deal, like James said, but the buyer will have to assume the violations if the seller is not fixing them before hand.

STR's require immaculate staging, marketing, and appeal to younger, high-earning audiences who will happily pay $300-500 / night for a "unique experience".

This implies that this zero risk, high return you seek likely does not exist in RE

The VA loan is a valuable tool for veterans, offering benefits like no down payment and no private mortgage insurance (PMI).