We are paying 25% at start, another 25% at half way, and 50% after completion and final walk through.

In a situation like this the best you can do is: (1) see what else is on the market within 5-15 mile radius or contact local apartment buildings like you did, (2) call agents to get their opinion, (3) call property managers to get their opinion, or (4) reach out to any real estate investors you know in the area. 

Materials can easily be more than half of your overall rehab costs.  

I already got my first owner occupied loan and used up half of my savings in doing so. my partner  has about $200K but reported losses last year.

Currently my primary residence is in League City, TX and I have a property under contract (hard money) in Galveston , TX (27 miles away).

I looked at google maps and this property is <1 mile to the airport.

The market is extremely hot right now but interest rates are awesome.... so you might be over paying on property but a percent to a point and a half on a 30 year mortgage could save you even more when it comes to a low monthly = more cash flow.

I am an agent here in the Seattle area, and I have 17 transactions in the first half of the year.

Some want to buy a duplex and live in one half and rent the other half.[2] Once you think you know what you want to do--educate yourself on it 100%.[3] Get to know locals who are doing what you want to do.

My wife was renting it for about a year & half prior to marriage, and once I I moved in, started talking to owners to see if they would sell.