Study and read your local lease templateRead, read, read.Watch youtube videos online of some basic building and construction.

Talking to a commercial lender is the best bet.

Same with a potentional construction lender thye will want to know there is a loan ready to go to take them out when you sell them.

3) Lastly what would happen if I applied for a construction loan application that pertained to Real Estate?

Not to mention the taxes they get on salaries of the construction workers. 

Not only will you learn different neighborhoods, how to manage people, and costs of construction, but they can get paid extremely well if you get good and know how to work with the City.

What's your construction experience?

I have a lot I have purchased in Cancun and am needing to submit plans for the construction of the home itself fairly soon and am like a fish out of water.

Good luck. haha i would run away from anyone self-proclaiming as "financial expert" with the expectation to "meet the guru / mentor/coach / master of all business" in his/her personal residence lol I have not google him yet but I bet he is taking picture in front of luxury house and driving sports car ?

While renovations faced delays, and initial rental demand was slower than anticipated due to construction setbacks at the casino, the property is now performing well as a long-term rental.