Additionally, I would like to attempt to do the process Owner/Builder with subcontracting work out as well as doing some of the work I'm comfortable with (I have some experience with bathroom & kitchen remodeling an am not new to the construction industry).

What would be my best approach, I assume find a private lender and work out some deal with them.

Where I am in New Jersey, the numbers wouldn't work out at all, but those numbers are good on your sale and rent for the build cost, especially since they should appreciate there in Little Rock steadily.

I envision this portfolio supporting me during my retirement years—though I still plan to work, just in a different capacity than I do today.I recently finished reading "How to Invest in Real Estate: The Ultimate Beginner's Guide" by Josh Dorkin and Brandon Turner, which has been incredibly helpful.

If my deal didn't work out or didn't work out the way I expected, I'd do an analysis of what went wrong and switch only if the market doesn't suit my needs. 

Quote from @Dawn Roy: My response is not relevant to this transaction as it appears everything is going to work out with your lender. 

If things work out, we'd like to have at least 1 additional property before the end of the year and have 8 in 8 years.

For clarity; as with a trust, lenders do not exercise the "due on transfer/sale" clause when real property is transferred to the SAME individuals in an official capacity (e.g.

Numbers don't really work out for landlords though.

Many rural water companies are near capacity.