The fact is your loan will be small and the price differences between lenders are more apparent on larger transactions.The biggest difference between lenders is going to be the actual loan officer and how good of a job they do getting you approved and what products and structure they give you to get this loan and set you up for future investing. 

I like this niche because it limits my risk on several major expenses - exterior and roof.

But you should keep networking and asking other mortgage loan officers if they have those types of products.

The property needs major upgrading and remodeling.

Hence, the majority of buyers will, most likely, be investors. 

It might give them a good comparison point to a fractional passive product (the ultimate in getting out) that qualifies for 1031 which would also boost that ROI substantially."

What are they going to do about the traffic on the major highways.

Major carrier lease rates can be $2k-6k per month. 

Major differences in classification and financing options, etc.

Anthony -  thanks for the question … I would recommend that you  contact  your bank  and whomever else you want ...using the same  exact  scenario and questions - outline / ask  whatever questions you have ...maybe gets some  basic  quotes ….once these  conversations are  completed - make a  decision as to whom you want to use for the  pre approval/ pre underwritten process ….. the FHA  product is  very homogenous and  shouldn't  be too much different from one lender to another ….. the  customer service might make a difference