Plus the pass rates are lower for the CPA exams in a large majority of states compared to the BAR.

My brother is a mortgage broker and I have a number of good builders to choose from.

and our mortgage is much happier than it would have been in MD.

You need to ask your mortgage broker. 

I know there are many variables that might prevent a true constructive feedback but I was hoping to get some insights and guidance from this platform. 

debt coverage is a greater obstacle...than appraisal at 75-80% LTV" - 100% agree...DSC is determining loan proceeds in this high rate environment, not LTV.

As a lender - 1) investors that are just starting out normally float towards high leverage/high rates lenders (lower margins and more risk); experienced investors normally go with lenders that can close fast, reliably, and with low fees.

I personally like to buy real estate that has A) excellent long-term prospects ie. area growth, commercial vibrancy, high housing demand, rising rental rates and B) positive or at least neutral cash flow.

If you've used a HELOC to purchase this property, you have both the HELOC (high-interest payment) AND this 2nd mortgage which aren't being covered.  

Once you get a mortgage you can leave 20% equity and cash out $30K or sell for $50k gross profit.Build cost includes ALL costs.