I will be moving to Greenville, SC within the year and beginning the exploratory stage, so was wondering if there are any Greenville locals on here that could point me in the direction of a great agent that knows Greenville and suburbs well and willing to spend the extra time needed to learn the different areas.

You really need to find experienced partners for the construction and money side of things.Having a deal will open the door of opportunity to bring in experienced people, so if this really is a deal you should be able to find the right puzzle pieces to make this happen because they will see the ROI/potential.

I was a bit puzzled by this type of response.

Once the mortgage is repaid the heloc would move into 1st, but for loan origination purposes it will be treated as a 2nd.And this leads me to my next puzzling question, because a mortgage is also simple interest. 

Less money spent on supplies, less wear and tear on your place, less money spent on utilities, fewer guest headaches, etc.Bottom line: there’s a LOT of puzzle pieces you have to get right to make this work really well, but once you master it, it can be very rewardingI preferred to invest in the year-round high revenue parts of the US where you can earn a lot of money year-round.

Price is a lagging factor in the supply, demand, price model and many times we forget that price is a piece of the puzzle.

Yes I did forget to mention that piece of the puzzle.

creating a boon for them in the financing puzzle you're learning to play right now.Another possibility here is that you'll be able to refinance off the FHA loan in the shorter term if/when you can an additional 10% equity, making the long term nature of the MIP irrelevant.I try to view the Cash to Close and the total monthly loan payment as my two guiding lights and not care about what the labels on the dollars in the two categories go to. 

So it takes some work to figure out the puzzle.

@Daniel Molina this is an eye opening key to this puzzle.