VA loans are the only loans that allow this, and there is no rate penalty for it no longer being your primary home.With that in mind, you could do a cash out refinance today at a higher rate than current market rates which will create profit on the loan, we can take that profit to pay for your closing costs.

The biggest problem I see with seller financing is the cost of repairs (as well as holding, selling, etc.)

-Transfer the property into an LLC – This may allow me to take ownership while potentially avoiding property tax reassessment, however this sounds like an involved process-Establish a living trust for my aunt and mother – The trust would specify that I inherit the property upon their passing and provide step up in cost basis but i'm worried that the living trust can be modified to have me removed (who knows what can happen) - My mother is somewhat volatile.I would like to live in the property and my mother will live in her second property with her husband. 

Insurance-  replacement costs.  

.: Cost of risk scenario. 

Sounds like you need to have a relationship with a couple of good contractors, 40k for vinyl siding sounds high, what was the material cost.  

In doing so, bear in mind that the cost and admin of a corporation is higher and that the tax treatment is different:1.

I am slightly confused about your numbers, though...is the $215/SF the construction cost? 

If the project is in Canada then I would look to an attorney that understands international law as it could be more complex.Personally for something along the lines of what you are doing I would look to partner with another developer vs trying to raise the capital as that will be less labor intensive.

Today it has good cash flow (~$6k/month using 49% expense ratio) and is up ~$1m above costs.