We are embarking on a construction project to build a 6 units onto a piece of land(30 yr fixed loan).  

@Alex Ferranti, this is a very nuanced piece of the pie.  

Last piece of advice would be to check out Houston credit unions for the loan.

I just wanted to add one other piece of advice here that I didn't see mentioned.

If not for 2x6 walls these things would never make it down the road in 1 piece.

I’ve had random individual pieces of K&T show up where there’s no other indication of anymore any where in the building.

Appreciation happens while you aren't looking... suddenly 5-10 years later the property may be worth $50-100,000 more than you paid for it and you will think of yourself as being "so smart" for investing in a piece of property! 

You might be able to shave off about 1 point or so.

Did anyone even notice the top white trim does not match the sides, I used a scrap piece.

., it is perfectly fine for two LLCs to own differing or identical tenant in common interests in one piece of real estate.