@Ahmed MoustafaThe general Fannie Mae guidelines you mentioned are for non-renovation loans. 

I'm more in line with this.I do think we see closer to 5ish mortgage rates though within 12 months, probably 6-9 months but because of those same underlying reasons mentioned above.

Anyway, you mention you've "developed a strong foundation in market analysis, design, and project management", which are all important in the development space.My question, what areas do you feel you are lacking and are either trying to develop those skills yourself, or you'd prefer to bring someone onto your "team" that would provide that expertise? 

A tough thing we've found though (like you mentioned) is even the highly rated foundation folks in our area -- as well as a lot of the content online -- all have a strong incentive to sell big high-margin solutions.

In case of continue the deal I would request and appraisal and inspection but still, as you mention, not sure if it is a good deal.  

I saw you mention that you're interested in OH and GA.

I am sure every state is a little different or have nuances but for sure as Greg mentioned materialmen can file a lien and then just wait.. the other thing they can do is a court action for unjust enrichment claims.. those are the two ways Materialmen protect their interest at least out here on the Left coast.. 

If your goal is growth, a refi now might make most sense, but only you can make that decision.I'll also second what @Jaycee Greene mentioned that most lenders won't go to 80% LTV on a cash out refinance. 

(I just went through probate when my mom passed and it sucks and would like to prevent my successors from having to deal with the same if possible).Bonus question, one of my properties is still under mortgage, he mentioned something about transferring it to an LLC can trigger a due-on-sale clause but not when transferred to a Trust.

As mentioned your biggest challenge is going to be selling the package at/close to same time.