Were they all completed within the same 12-month period, or did it take longer?

A HOA of $760 a month is what is likely killing your returns. 

Not really sure how to go about financing but we're planning on having a down payment at or slightly above $100,000 and don't want to pay more than $3100ish per month. 

Id keep looking if it was not an approved short sale ( even an approved short sale takes a very very long time and theres no guarantee that you will even close on the house after months of waiting). q1)There are plenty of non traditional lenders that could offer you construction financing if the numbers make sense but it will cost you with points and a higher rate.

Repayment options can be more flexible like in my case I do everything on accrual this really helps flippers when they dont have to make monthly payments.

So the $108K loan will cost you 5 pts. or $5,400 to pay it off in the first 12 months.

Quote from @Andrew Steffens: We just welcomed our first guests but it is booking really well as we listed a month ago. 

Just went to a Tax Sale this month. 

Let's say they pay you $2000/ month * 12 = $24,000/year.

Purchase price: $140,000 Cash invested: $22,000 Sale price: $180,000 Moratorium expired a few months before closing and I inherited 2 tenants couldn’t get into the property for 3 months!