A portfolio lender with their own money can do whatever they want but you'll pay more for it. 7% is high, but if you hold that long enough you could then rate and term with more traditional financing later.

My full time job has a non traditional schedule and I have several days a week off which allows me enough time to be an effective agent even though I'm part time. 

What strategy is this...a slow flip that you are living in, a traditional rehab and sell, your primary residence you intend to inhabit forever?

I can go cash or traditional. 

My house should have a retail value of about $390K, has a tax assessed value of $364K, and other comparable homes in the area are selling in the $350+ range, and mine is on a double lot (2 acres).

It claims to be able to identify prime areas for your needs, and show cash on cash returns for both airbnb and traditional. 

This is where you compare features (such as garages/pools/beds and baths etc.) of the subject property with the comps, assign a dollar amount to those features, and then adjust the sales price of the comps up or down as appropriate before calculating the subject's ARV based on those adjusted comps.This will hopefully help you nail down a more accurate ARV for your property.Feel free to reach out if you have any questions.

Compare the costs of each.

Things seem to be moving relatively fast in Fountain Square area these days, but my cautionary note is that things move slower in Indy compared to Western cities.

You should be able to pick up several properties before a traditional lender starts to flinch at your application.Todd