Banks can usually lock a rate for 60-90 days for fixed-rate loan products, but can create other issues for borrowers by requiring depository relationships and ongoing covenants for property performance. 

Wear and tear I don't care... but holes in the wall = the drywall and my time to fix it.

I will explain my current situation below:I bought a house that needed a substantial amount of work at a discounted price ($93,500) with a plan to fix it up and live in it for five years. 

Since it is your primary residence, I would go talk with your local bank about the different types of construction loans so you end up with a long term fixed rate financing.

While we do have cash saved up, we'd prefer to work on our credit for another year before looking at getting a mortgage or commercial loan to possibly do a fix and flip.If you were us, would you a) use our cash to purchase, fix and flip something older and cheaper outright which seems like a huge undertaking for our first deal, b) use our cash as the downpayment/skin-in for a hard money loan (balloon) while we work on conventional qualifications to refi at a lower rate in 12 months, c) My in-laws are in the process of purchasing a seller-financed home and are interested in "renting-to-own" their place to us.

It looks like you are going with a 25 year fixed. 

I really appreciate all the replies.The worker-bee CPA, who did the work, did not apologize or anything other than to say she would fix it and did so within a few hours. 

Like anything else, a company built to do one thing is going to be more efficient than an individual trying to do it once or twice; a professional mechanic is going to fix eight cars in the time it take a first-time car owner to replace a tail light and change the oil.

We gave up on doing fix and flips right away, and spent the next few years doing new construction.

The break down is 6: 2 bed 2 bath3: 1bed 1 bath1: 2700 commercial building once used as a daycareWe get $500 for the 2 beds and $400 for the 1 bedsThe daycare is being fixed up but we have a potential tenant for $1000 a month7 out of potential 9 are rented.