Short term it is difficult to make the numbers work, the cost of new construction and the time it takes to zone-plan-build are usually the main reasons why private investors stay clear.

@Cal Dunagan Cal, in addition to an LLC we plan on purchasing some additional insurance.

@Jordan Kaylor   Would your plan be to buy properties that needed work to force appreciation? 

Hey @Chris GarnesI just came across your post, and it immediately reminded me of a project I handled with a colleague in San Diego, Dennis Bragg - https://www.biggerpockets.com/business/page/3607  - You’re sitting on some serious potential with these two properties, and your plan to step back from construction while finishing them makes total sense.For Home 1, with no mortgage and a prime design upgrade underway, you’ve got flexibility that most investors would envy.

I would plan on paying for the project out of pocket.

While may not have high amount minimums, they may have a minimum $ threshold for cc processing, Ours is $0.60, with a discounted plan that could be a few as 8 records.

It was a plan we came up with ourselves (no Internet back then) and it worked for us.

I know when you make an offer you typically specify how you plan on funding the deal.

Rehab is nice so I don't think that will be a concern, this is also off street parking so ones with garage will be favored more if you are priced the same. 

Sounds like you a have a very well thought out plan.