Real estate investing is forgiving; the average person can still make money even with some big mistakes.

Long story short, it has been over a year and the project remained incomplete and he walked away with the money.

The owners who switch to a PM come to me for the same reasons Drew said above.It is not rocket science, most folks hit a point where they no longer want to trade their time for money. 

Question: Should I collateralize the loan (if using private or hard money), or rely on roll-over loans (to maximize the lower points and 3-4% rate)?

They are intent on collecting money before there is any property cash flow and less interested in doing the job they are hired for.

Best I can tell all in all we about 3X cash on cash over 5 years.infil lots depending on lot we could double our money in 9 to 12 months cash on cash.. so on and so forth.

They have stolen my money as well as hundreds of others.  

Alternatively, I could explore hard money lenders.

Almost every realtor has several investors ready to invest at least $2 million in cash.If you’re planning to use hard money loans, agents won’t show properties without prior proof of funds.I’m curious, is this a general market trend in Ohio or just this particular realtor’s approach?

I've never heard money/profit described as cute, so it's not important.The most important thing you mentioned, was the rent potential and ARV.