I utilize a Master Leasing strategy where I rent from you directly and then sub-lease to an end-use tenant.  

Oh jeez, this is going to be an amazing sub forum.

If they are paying out 5% rates to their customers to relend out they usually need at least 150 spread to make any money.CMBS and LIfe Insurance can be lower on the interest rates but you can get yield maintenance or defeasance which is very expensive if you want to break the loan early.

If so, is that assuming that the builder builds at cost (and "proves" it by providing invoices/etc. by the subs)?

@John BertolonYou are in the customer service business.

Purchase price: $1,150,000 Cash invested: $300,000 Sale price: $1,628,000 Built in 1890, this Old Victorian was converted into a duplex in the 70's by a talented architect who made some unique and extraordinary custom design choices (read vaulted skylights) that made this property truly one of a kind.

I think you covered a lot of things already I was going to say, especially amenities and customer avatar.

I'm not looking to steal a GC's subs.

Spent a lot of money on a useless custom floorplan and various surveying costs. 

“Streamline Option” – or “Limited Repair Program”Total financed rehabilitation costs cannot exceed $35,000Maximum Sub-Contracts is 3If more than 3 are needed then a General Contractor will be requiredRepairs are limited to cosmetic repair only.