Many expect a rent increase, not decrease.

The more the better as it decreases the risk  that the project will fail due to a lack of funding.

Following this period, if interest rates decrease, I intend to refinance the property, transition it into a rental, and repeat the process by acquiring another property to serve as my primary residence.I'm curious if anyone has attempted a similar strategy and, if so, what pitfalls or challenges they encountered along the way.

The fed is going to keep a tight position as long as they can...until stuff breaks so they can vacuum up the massive amount of excess stimulus and decrease the size of their balance sheet. 

I listened to a lot of RE agents and investors to buy before there's more competition if rates decrease and I could refinance later and raise rents.

The value of land tends to appreciate over time, but this is not a given; the value of some lands may remain unchanged or even decrease.

Usually you need a decrease of .25%+ for that to work.

With interests rates at insane levels (the market I'm looking at seems to be over 10% for investors), a loan would deeply decrease my cash flow. 

For example Our home values have more than doubled in the last 10 years but the rents are only up about 80%, so the returns on equity are decreasing. 

I've searched and cannot find a website that will show days on market and a rent amount (per sqft or beds/baths) and whether they are increasing/decreasing, etc...