If you are planning on buying it with a smaller down payment, that will also increase your mortgage costs as you are borrowing more and also need mortgage insurance.The price of the home (from the seller's perspective) is based on market value and condition, not on whether or not it matches the 1% rule.   

I'm a Broker / Realtor & Property Manager in the Metro Detroit market (Michigan) and have connections with lenders, wholesalers...you name it!

Charleston is such a great market.

Were you getting others offers when it was market, and how long has It been on market?

Considering their LTV is at market or debatably below market (depending on the asset), if the interest rate or loan terms aren't advantageous, I'd also suggest getting quotes from other lenders.Since you are located in upstate NY, I'd look for local banks.

The construction cost is estimated to be around $180,000.Buying a Property in the Midwest: Alternatively, I could take the $180,000 and buy a property (or properties) in the Midwest, where the rental market is more affordable.

Expecting a 4 months turn around to put back on the market in Early September. 

Specifically, I would appreciate recommendations on the following:What courses, certifications, or degrees should I pursue to gain a strong understanding of the real estate market?

My thought is I buy a multi-fam (off market preferably) and house hack for 2 years then move south.

Once you find a house that you believe would be a good rental, meaning desirable to your target market of customers (people within a couple of mile radius of the place), and all of the costs of monthly ownership that you can accurately project fall below the rental amounts that you project that you can get from your target customers, then you have a possible business asset that you can use to produce income, and have renters pay down the mortgage, while hopefully it goes up in value at least with the rest of the economy.