Is this the going rate or am I overpaying.

He has a 5.5% rate, which is assumable, but FHA guidelines would require owner occ. 

i.e. if you had a $190,000 hard money loan on House 1, you'd be able to get 80% LTV no problem with no seasoning requirements as rate-term refi

Your Contractors Liability and Workers Comp are likely to be rated based on payroll. 

(interest rate ranges and months)What is the typical down payment?

Keep a keen eye on economic indicators, employment rates, and local development plans to gauge the overall health of the market.Maintenance Costs Can Sneak Up On You: It is easy to factor in property taxes, insurance, and regular maintenance, but unexpected repair costs can throw a wrench into your financial plans.

With this being such a high-dollar investment property, we locked in a 30-year fixed rate with a PITI of $2,600.

I like the idea of a lender looking at the deal and not pulling my credit (again), but I'm wondering how paying such a lender back would work, considering a (likely) higher interest rate and short amortization period.

I also wanted to get in before rates went too far up.

Of course with today's interest rates that may make your deal less appealing.