So, we are considering whether it would be better to forge ahead with building a home as soon as possible on this piece of property we already own, and then either selling it immediately after construction or living in it for 2 years and then selling.

I’m sure people who own multiple STRs have all the tasks memorized on what do prior to closing and post closing and before going live. 

What I've seen many people do in this market who live in socal is to house hack meaning you buy a single family or 2-4 unit multi family and live in one of the units.

If you are living in Columbus I would recommend buying something you can easily check on.

We don't anticipate selling them anytime soon so the 2 years would not be restrictive.We don't live in a community property state.

I will rent out one unit and will live in the other.

While $60k is a lot, can you live with it if your property goes up in value by hundreds of thousands over the course of many years? 

Just focus on purchasing a good home that you feel comfortable with living in.

If you "house hack" and live in one of the units of the building you buy, you could potentially put only 5% down.

I live around that area also (Puyallup) and just closed on my first rental.