This is near Orlando, FL.These prices, coupled with the fact that he quoted a 5-month timeframe to build, makes this a far less ROI than residential rehabs.What has been your experience with new residential construction costs?

I I calculated a $4,800 monthly income (3/1,3/1,2/1) with $2934 in expenses (including P&I) and with a cash flow of $1864. 

If you are still with in the thirty day time frame I would wait it out leave a voicemail on their cell etc.

I suspect a 70 year old man will not be interested in a loan with a 30 year time frame.

You may need to broaden what sort of living situation you’re willing to accept or the time frame for your goals.

Are closing costs really that inexpensive in NJ? 

The information I have received states it has been above 90% occupancy, and it shows a 7 CAP rate and about 30k in expenses.

As planed buy a inexpensive used car that will get you from A to B.

I am curious to better understand the expected time frames for completing the refinancing part of the BRRRR strategy.

You hire him based on your confidence that he can do the required job, at your level of quality, in your time frame for a reasonable price.....that's it.If you think its a good idea to hire the desperate and overly friendly, one leg guy on pain meds living on his boat waiting to sail off to wherever he wants, then by all means do it.....no red flags there.....The job you are looking to do sounds pretty basic......so it may be worth a shot....doesn't sound like you will be out of a lot of $$ if it goes southBut I would pay based on the job (not by the hour) and buy the materials myself and only pay as the work is done