It becomes your "control" to compare against.

Also some lenders will offer this on newer originated loans.It’s not common but I have seen it offered on occasionIf there is a higher default interest rate then I would consider it but if it’s the same rate as default I would not accept it

The broker might also be able to recommend some lenders that would help you with financing.To your other question about the type of financing, it would depend on what you plan to do with the property once you have full ownership. 

However if your living area is going to be noticeably tight compared to other 3-bed comps then you may want to stick to 2. 

We have a few lenders in our network that cover MO who can help.

Work with a broker or lender to find the best loan for you.Good luck!

In the residential world, some requirements are relaxed comparing to commercial so it's up to you whether you want to spend the money to have a better planning versus skip the planning and perform the work impromptu.

For a new property, lenders check your income, credit score, and debts.

I am struggling to find any lenders that will do a line not a term loan.  

You want to compare the experiences available there so you know where you have to land to be successful in that market as a STR.Furnishing is the main cost that I didn't see and @Bryce Jamison hit several other ones.