My plan is to use a first-time buyer's loan program, live in the property for a year, and then turn it into a rental property.

If I self manage(which was what I was planning) it could turn out a big headache) there are a lot of condos for sale which is a bit alarming as well.I would be self managing from California so that’s long distance management and may consist of many flights taking care of any necessities.Why can’t this be an easier decision lol good luck!

I admit that the allure of interest-only payment to drive insane profitability from cash flows is attractive; however, I don't see a standard process that the lender follows, but it may just be the affiliate/broker representing them who isn't very formal. 

For a local PE to look at the plans, size the beam properly, and even draw a few connection details (the most important piece) you're probably looking at $500-$800.

I've built one for a theatre before, if you're handy I got most of plans from this site.

If not, they now have the process maps, checklists, & tools to do deals on their own. 

I would like to work with more private money lenders because the costs can be a little lower, when there is not as much overhead involved, such as their office space, HR person or department, payroll processing, etc.

Not sure where to start with my search and a good process to follow to make sure I am diligent and successful with the investment.

My plan would not be to landlord myself, I'd hire a management company to do the landlording.

@Chris Mason Thank you for the facts about the VA loan and the insights my friend, I do plan on doing a version of your example, unfortunately I don't believe the spread will be as lucrative in small town WI lol.