Realistically you would expect the house to continue to appreciate during that time as well... even if at 3.33% appreciation - that is another $50,000 in appreciation you would make in the 3 years - give or take.  

This is not a great sign. 

This will clarify and reinforce what you are reading.

What really matters is how long you think you will have this loan. 

This will give you some info so they are not guessing on what will be needed (they probably already know rough numbers, but each project is different).

Your PM is not communicating, and this is a legitimate concern.

That alone will help me not read what I don't want to read. 

I'm looking in miami florida for sites where we could get the numbers to work and we are getting close maybe in homestead. with that you could continue to pull cash out after it was built. in our market we need about .1 acres and we get land under 60k that the investors buy. the build cost is about 75% of appraised value or a little less. the investor refinances out on a DSCR loan and continues on. this strategy is ground up and it takes advantage of the buyers market for land in our market.

Lastly, network with local investors and continue learning to refine your strategies.Good luck!

I dunno @Mike Francis, this has come up before and I still think that you aren't going to get a ton of traffic from being on there.