Lenders will want to know you have a game plan for monitoring a project and being on site frequently especially when it is your first time.

Lenders and economists alike are speculating about the threats of "phantom debt."

Lending is better when you already established your equity.3) unfavorable tax treatment compared to rental income

When we flip we use hard money lenders and often use GAP funders to cover what the the HML doesn’t.  

I could not find any affiliation between the lender and Capital One.

The value of an apartment is not based on comparative sales analysis. 

Like your build, our project is situated on a smaller parcel of land compared to other Towneplace Suites I've examined.

In some markets and at certain times, it may not make a significant difference compared to the time and money you would put in to do the rehab.* To the same real estate professional, find out their opinion of the area and the current and potential growth and appeal of your property and the neighborhood (market) to potential buyers and renters.

I'll address your second paragraph with where you are talking about a 10+ unit building. 20% has historically been a minimum down payment (I'm saying minimum...it might be more down from lender to lender) on commercial property.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?