One thing I see as a lender is that any kind of owner-occupied loan with a low down payment will not allow you to build enough equity to refinance out of it, even when you are forcing equity with a rehab.

You need a non-recourse loan (conventional is prohibited with IRAs).

How to get the inital loans if needed and how to create a team around me for sucess.

Turns out, the loan officer sent the old app, that doesn't ask that question.

30 year conventional loan

@Tyler Kowalczik- thanks for the post ....1) get pre approved for a nypotehtical  scenario  so that  you  can make sure you can get  financing and also  so you  can  become familar with the process  2)  you will need a  down payment of  15% or more   3) once you know what a  possible  realistic  loan payment  looks like - do your  reserach on  what  rental incomes  are  realistic  and  this should help with your  decsion making .....the prices are  high in LV ...Port angeles  or  P townsend  might be  better ......consider  Kitsap county  ( although its  been  increasing in value )

@Michael Adamo- thanks - if you decide to purchase a AZ  property - make sure to get pre approved for a loan  ( if needed)  well before you begin looking for properties 

You can however use the projected short term rental income to underwrite the DSCR and approved the loans.

Are there any tax implications or other considerations if we use this loan for our personal home project?

For example, private lenders can make owner-occupied loans all day long.