All that to be said I don’t think either one is the wrong choice assuming your market doesn’t have capacity limits. 

Lot's of associations have restrictions on rentals which would severely limit your earning potential/ability to rent at all.

My understanding of loans and financing is pretty limited.

Simple ways to elevate the hardware are to use knobs for the doors and nice modern pulls for the drawers.

.:)  All the numbers look great, but the loan won't get bought by Fannie Mae or Freddie Mac because they limit the ltv on units so it's a no go for conventional financing.A DSCR loan will go to 75%. 

Not every update will add significant value, and if the area is rough, you will be limited in how much appreciation you can force through rehabbing the home.

Are there any regulations that would prohibit or limit a refinance based on the current lien holder?

However, I have a limiting factor in my way which is not having a job hence not being able to finance any properties.

Once you get a hold of them , time to negotiate...depending if you can get a decent price locked up will determine/limit what you'd be able to do with it. 

So in the event you elect to develop the property, you would be limited to 36 units per acre.