@Ilan M AliphasYes they would be entitled to their emd back as you cannot deliver the home in the expected condition on day of closing

Check in with @Joseph Chiofalo for variety of investor construction programs if you're going to continue developing anywhere nationwide.

even in lower cost markets.https://www.biggerpockets.com/forums/12/topics/1171104-the-m...and - i still think it's better to pick a market that you have a connection to rather than one that meets arbitrary numerical criteria. 

@Joseph Chiofalo is a good back up lender and can reinforce strength of borrower to sellers broker.

Check in with @Joseph Chiofalo for construction loans or construction to permanent financing.

So, using your numbers you could only borrow 244,800 (80% of 306k market value)m and if you owe 234,000 that would be less then 10K coming back you.

They would likely want a new appraisal but some will accept an appraisal transfer.Check in with @Joseph Chiofalo they have a wide range of no ratio programs..

Thanks for the reply, Joseph.

Like Joseph mentioned the southern/middle part of the country is great because the price points are much easier and the laws are landlord friendly.

Lastly, COC could be stronger with lower down payment..check in with @Joseph Chiofalo for some investor focused mortgage support.