It would be VERY deal specific and its good to be as up-front as possible with any lender you work with to lessen the impact of any potential implications there may be.Good luck!

Columbus, OH is indeed a promising area with lower entry points and strong cash flow potential.

I find it to be very useful to jump on potential issues quickly. 

Crafting a solid business plan can attract potential investors and partners.

With a planned 5-7 exit, there is potential to be "upside down". 

You'll want most of that cash for just the furnishing and closing costs though or potentially even more of it if you want to outsource the setup.  

This is known as the "final disposition" rule.In summary, after paying the depreciation recapture tax, you can use the remaining passive activity losses to offset a portion of the capital gain, and any unused losses can be carried forward to offset future passive income or potentially non-passive income after the final disposition of all passive activities.

I mentioned Newnan for its potential in the BRRRR or Fix and Flip strategy, among the other cities you mentioned.

Eventually we plan to build one or two additional SFH's as well as 4 STR cabins on property B as well.If I can make the reno on Land B work and release Land A, we could potentially resume the build on Land A.

Now if you like the idea of having a second home, you have the time and energy to devote to launching a short term rental - you can handle guest complaints and questions - find a designer - etc - then do a STR - but know the costs upfront can be substantial and cash flow is usually not consistent as there are off season months in every market - plus saturation.