@Dan Guenther to add to your deal, there are loan that lend specifically on STR income that this property location can qualify for.

As far as the lender goes, if I'm buying properties that qualify for conventional loans does it really make a difference if I build up a relationship with a specific bank vs just shopping around each time I buy a new property?

All-in costs, including design, survey, permitting, construction loan interest, land, construction will be $360,000.

That situation caused me to lose trust in the seller.

Note this is my first time dealing with this loan broker and lender. 

Some feedback that the agent has from showings and her insight:-2 bedrooms /1 bathroom upstairs & 1 bathroom downstairs is not an ideal situation for roommates or a family.

I used a VA loan and put 0% down.

And somehow the loan went into foreclosure..

James,---spend a lot, change the law---accept the situation and comply---sneak around, get caught (not recommended)---pull up stakes and reinvest elsewhereMy 2 cents,Mike

Their commercial loan department is excellent to work with and they are willing to help you with all your financing needs!