As you build your capital then you can start looking at multiple deals at once, but use it now on one deal, refinance and pay it off and have it ready for the next.

Is there a way to get a construction loan with the original property still on the land so I can do a new build on part of the property and then slowly rehab the historic property?

It's never too early to start networking and building a solid team in your prospective market, especially if you're considering investing out-of-state.

But I am looking forward to finding that gem and start building out my portfolio.

These help me weather a storm with low STR occupancy numbers like many are facing across the country.Higher insurance rates, STR permit fees, labor costs for repairs and cleaning, regime fees (for condos) make running a profitable STR even more difficult.  

@J Scott Yes I understood what the spreadsheet was conveying and that there was some materials provided in the labor section since it's difficult to know what the contractor spent on materials since most people pay after the job is done anyway.  

There is no right or wrong way to build wealth. 

Regardless of what market you select, you would be wise to put some resources into building your off-market deal funnel.

Also wondering if I can get a second loan (Commerical) looking to go bigger with a 5+ unit building using the 75% of profit from first one. 

Having said all of that I will finish by saying finding qualified trustworthy people to help build your business is very important.