Just so you know they wont be cheap money on the investment property.

Actually yes!

And you get the real estate to boot, so this property+business has some actual & real value that our hypothetical restaurant does not.

Provide high value for money is the key.Also, join the Kentucky State Airbnb Host Community on FB.

We "lose" money on a cashflow basis, but completely comfortable with that as this is more of a 2nd home that renters help us pay for.

You can leverage your money to purchase more property, you'll increase your return, you'll earn more, and you get tax benefits.Read a few books on real estate investing to learn the power of leverage.

It makes sense to rent and save up that extra money to apply towards a future purchase. 

I'm also wondering if anybody knows the costs and rules for bringing in water and power to a piece of land in these areas, I know it's different for each property but is there any possible way to get estimates on bringing in water and power to a piece of land I want to purchase before actually buying the property so I can create a general budget for buikding a home.

The guys said it best.Make sure you can actually get started before you get started like @John Underwood said.Plus I would really look at just getting more properties like @Mark Miles said.I think you will be ahead in the long run.

As a hard money lender, I can tell you that working with a commercial lender or a hard money lender is often a better route for accessing funds under an LLC.