My main concern with this this is it's a separate asset that has to be attached to the structure.What happens when you need to have the roof replaced they're going to have to detach that thing.

Doing the same here @Duane Williams and to add on to @David Ojo's post (he nailed it), having multiple lending solutions is key.Different hard money lenders, private investors, HELOC and I too am working on establishing a business LOC.  

The lease would establish income, which can be used for loan qualification purposes.

I can also attest to prices going through the roof.

How do you know which bank/banker to establish a relationship with? 

I'm making a healthy downpayment cash by doing a cash out refinance on three of my established properties that I know can cover the debt service handily.

Work at establishing in-person relationships that will serve you well over time, not just one-and-done.

Additionally, it needs a new roof, new HVAC, new plumbing, the septic is over 30 years old, the well could use a filter, a few new windows, none of the electric is up to code… and it’s on almost an acre of land….

They just put a new roof on, so that's one large expense I can budget less for early on.

houston is probably similar pricing to Columbus Ohio but way worse zoning laws. we take 20% on top as a GC and a guaranteed fee agreement. our contracted new construction projects recently:Single family new build spec home: 1513 square feet with 3 beds 2.5 baths 1 car attached $275000 approx $182 a square foot if calculated using heated square feet which means our cost is $145 a square foot. 3 unit / triplex new construction: 2008 square feet 2 bedrooms 1 bath per unit or total 6 bedrooms 3 bathrooms with 3 off street parking spaces. contracted build cost $395,000. no garage on this and better economies of scale with shared roof, slab, etc. $192 a square foot hard cost with our cost running approximately $157 a square foot.