Best financial options long term?

[Benjimen Elliott Johnston]

I'm partnering with my contractor on a multi-family apartment complex. Based on all my numbers the property breaks even with phase 1 (6 apartments)and phase 2 (8 additional apartments) improvements. We want to buy the property for cash and majorly renovate with cash. 120,000 to purchase with 250,000 in renovations for phase 1 which should appraise between 480-520,000. Phase II would cost about 400,000 for a total 770,000 and an appraised value of 980-1.2 million based on other work we have done together. I want to take cash back out and finance after phase 1 and phase 2. The property is such that we can add an additional 20-24 units over time. What is the best financial strategy if we end up financing this property 4-5 times over the next several years? I'd love to avoid all the reappraisal and separate closing costs at each phase where possible.