I could technically get $332K out, so this leaves a little meat on the bone to cover closing costs, potential unexpected rehab issues, etc.

Essentially these trends will culminate in an increased cost of living and a stagnant or decreased wage (again, felt most around affordable/entry level housing). 

Tenants tend to stay longer in single families which leads to less vacancy and turnover cost. 

Can someone else recommend a similar low cost product that will hold up better in rentals, that looks like hardwood-ish?

Given the extra cost, my guess is that it'll make deals in the $400K - $1M range not workable with short-term notes (with a $50K minimum, perhaps increase it). 

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

This dually provides evidence and reassurance to the buyer of hard anticipated costs and a written estimate to support and help validate the buyers request to the sellers. 

Is it feasible to obtain a loan or a good old boy agreement where a lender offers 100% financing for both the purchase price and construction costs at hard money rates, secured by a second position on the borrower's other properties?

The guys we are training in Atlanta are focusing on buying proeprties not on the MLS so they can get the discounted costs.

.- Tax Benefits: building deprecation, cost segregation, write offs etc..- Principal debt paydown: tenant paying off your loan.- Cash flow.Once the above are all added up, your true Rate Return will by far exceed your returns with stocks.Now regarding the different type of real estate, that depends on a lot of factors and mostly on your financial goals and where are you in life today.