Be very careful with this as a first time project! 

Be mindful of the harsh winters and short construction seasons, which can affect project timing.

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

Borrowing against your paid off house without an income puts way too much pressure on the success of whatever deal/project you decide to pursue. 

I bet that essentially no one is starting new construction projects, which bodes extremely well for owners 2-4 years from now.- Prices for insurance policies will never go back down, but it is not unreasonable to expect costs to rise at a more predictable pace from here.

Investment Info:Office Space commercial investment investment. 100's of completed projects, JC Beal Construction is nearly 100 years in business, Beal Properties manages well over 2000 doors all throughout Michigan and the Toledo, OH area.

Do you do any development projects? 

And how much rehab ($ amount or $ of PP) are you comfortable with in your projects?

Leverage your construction skills for flips, start with smaller projects to minimize risk, and consider house hacking or long-term rentals for a steady income.

First thing I notice is the big jump in ARV from the Total Project Costs.