Expert advice wanted for Const. & Land Loan for 8-16 apartment

[Dan Voykin]

I am seeking advice for the best way to go about structuring this deal financially. I am a licensed GC in Arizona and I am planning on building an 8-12 unit apartment complex.  This will be a build and hold project for personal investment. Here are the numbers:

Land: 120k

Cost to build: 400k - 500k (depending on the amount of units) These are VERY basic units in a rough area...nothing fancy but this area has a huge demand for lower income housing.

I do have $$ to put down, but I am unsure if I should go private money, then roll into a conventional loan. Or get a loan from a bank (I have located one locally that does this type of loan)

Looking for option's-ideas-creative financing that may work. Not looking to give 30%-40%down. to the bank. Open to suggestions, thanks!