Many variables to consider include the specific location of the home, the property manager you decide to choose, the history of the home and community, how well appointed the home is (what elements of the home will allow you to stand out in this market) and what months you decide to use for personal use.

I recently purchased my first property that I plan to BRRRR, and had used a homestyle renovation loan which allowed me to use a bank for the mortgage and rehab.

Be sure to allow some margin for error in your first deal because you'll make some mistakes but be sure and try to get into action quickly! 

We also have had a longer runway to build out a product that is robust for a smooth experience while having a large enough support team around you to ensure you are quickly helped. 

Drafted a plan, gathered estimates, created a budget, put together DTI sheets, even got an "as-built" appraisal, and also have it in a permit status at the Local Building and safety office.Then I started to look into the construction loan and the permanent financing....to do it myself, and not through a builder.I soon realized that there are sooo many companies out there that want to try to help...but cant  (some of them were even on this network of people):  don't have builds on record, won't allow for owner-built homes, my credit is less than 680, while carrying the construction loan, there may be a point at the end where because i have my rental house while building that it become hard to pay, and  I can't pull out a private loan to help start process because my credit cards balances are horrible...and my "business" has no show of income.So, now we are here in the present time....   

Hiring the right team members is always challenging, as is keeping them (lots of turnover).

Every structure out West is an accident waiting to happen with the stupid building codes that refuse to allow stick houses to be built.

@Jacob CaffeeIf you are not in an HOA the city as a whole allows short term rental.  

This approach allowed us to move quickly and efficiently, ensuring the project stayed on track.

This financial support allowed us to proceed quickly and efficiently, ensuring the project stayed on track and was completed without delays.