Raising the  amount required to buy your target properties is not easy, and beyond the amount that must be raised without leverage it will be difficult for you to provide favorable return profile for your investors.

Eager to start playing with the tools and calculators provided here too. 

Are you just using a number like AirDNA provides or have you dug in and found comps? 

I would be very careful in working with a 1031 Exchange Qualified Intermediary that provides ("sells"0 replacement property solutions as part of their services. 

Also note that my company will possibly either cover closing costs if we sell or provide property management for two years if we rent.

Additionally, by virtue of owning all of the units I could, with the help of an attorney, construct the bylaws in such a way to maximize value and eliminate bylaws that would be value-restrictive.I've talked to a couple of non-QM lenders who could provide financing to buyers under such a scenario, but the tricky part is appraisal value, especially in a state where, according to Redfin, no co-op's have sold in the last 5 years.If I got a couple units sold using seller-financing at $220/sqft, since there aren't any other co-op comps, would this provide a basis upon which an appraiser would provide a valuation closer to $220/sqft than $135/sqft?

This amount provides a reasonable safeguard against potential claims if something goes wrong, like an accident or damage to the property caused by the tenant. 

Alternatively, a private or hard money loan could provide faster funding if traditional lending timelines don’t work, with the option to refinance once the build is complete.

They do minimal at best verification of the data the applicant provides.

Keep providing value add options for your owners & they'll keep knocking.