For example a DSCR (debt service coverage ratio) type loan looks at how a rental performs to determine how it qualifies for a mortgage.

The value of the land is estimated to be about 35% of the total cost of the project, I have an excellent credit score, high income and very low DTI so qualifying for a loan would not be an issue, other than the fact that I am not a GC.

Qualified mortgages (VA, FHA, conventional etc.) get underwritten to Fannie/Freddie/Ginnie standards and get sold on the secondary market as securities.  

As you know, the reason you qualified for an FHA loan/rate/downpayment is because you demonstrated to the bank that you're going to be using it as a primary residence for the first year. 

Get pre-qualified with a mortgage lender - I have a recommendation if you'd like. 

With DSCR, you will qualify the deal based on the property's income and not your W2 income. 

You may also need to show STR rental history on these properties from the previous owner if you are looking to qualify using short term rents.

That is a very unique situation that no other contractor would ever offer you, so IMO, given your circumstances (assuming you are able and qualified financially and won’t be house poor) I would take your buddy up on the multi construction seminar.

I would like to add what qualifies you are a short term rental investor that can take advantage of this "loophole" below: The short-term rental (STR) tax loophole allows property owners to classify rental income as non-passive, enabling them to take advantage of certain tax benefits even if they don't qualify for Real Estate Professional Status (REPS).

Now I have equity locked in and couldn’t qualify for a heloc due to credit as well.