As you gain experience, you'll have time to think about long-term goals and develop a plan to get you where you want to go.

I've only had short term guests through VRBO and did not have require background checks.

I can go into more detail about your specific building if you'd like to reach out. 

My question for you more seasoned investors is, what policy terms must I make sure are part of the policy I end up selecting to ensure maximum protection of my asset?

You can pencil out every last detail for every piece if you are that detail oriented.

As is price point.. this will give you a better long term outcome.if you buy way under median your getting into renter dominated neighborhoods and schools for sure will be bottom ranked.. instead of going East have you considered Vegas.. lowest prop tax's basically in the country. no big weather issues  desert landscape super simple to take care of.. and Stucco homes with tile roofs no big thunder and wind storms to ruin roofs etc etc.. you can buy nice rental house there is a solid B location for about 300k. just worth checking out if you never have..

Being a long term rental investor, I was curious what your minimum investment criteria are in mid-2024.  

"Saturated" is a bit of a throwaway term IMO - I manage STR's on Oahu and while Hawaii is about as "saturated" as it gets with STR's, people are making great returns on the right investments.

We initially met with a couple builders my father has worked with previously and are currently awaiting for detailed breakdown of cost estimates.What would be recommended for taking out a loan for this build?

I'm fascinated with the idea of tiny homes/smaller homes (300-700ish sqft) for short term and possible long term rentals.