Construction Loan for New Rental Home

[Sandra Repphun]

 I have a few rental homes in a Manufactured Home subdivision (not a MHP). I own the land and the homes. I also have a vacant lot in this subdivision that I would like to put a New Manufactured home on.  My question is: Should I pay cash for a new home then refi after completion and take back my cash or get a construction loan for the home then refi to a regular mortgage after completion? The new homes in this area are appraising for about $150K over what I would have into the construction of this project. I guess what I am asking is should I use my cash now up front or would anyone recommend going thru the financing process twice with very low out of pocket but more finance fees? Thanks for any thoughts on this.