Although, I want to hold out paying for everything until it is finished.  

Find ways of financing your project in addition to evaluating its relevance based on what you earn.Be aware of the dangers involved in investing in the real estate industry.

@Stephen Bass, I'd use the 1031 plus good DST purchases to create additional depreciable basis. 

My interest is in building wealth through eventual buy and holds, but still working on the savings end of it all.

Considering that, may be wise to hold with what you've got until you resolve those issues and see what money you will have available to commit long term without risking a cash crisis if you use your available funds and then find out you have a $50k problem on your hand with the mid-term rental.   

As a buyer and you use a hard money loan to purchase and rehab a home the lender should issue a 1098 just as any other mortgage lender holding claim to the title correct?  

When getting insurance for your STR's, strongly consider getting the additional $1,000,000 liability umbrella coverage. 

Memphis holds a lot of great opportunities.

Additionally, the goal of providing a consistent face to your tenants and stream lining your expenses is not affected by the entity that you use. 

Most flippers loose money on their first few flips til they learn what they are doing.Buy and hold is a much more forgiving strategy.