I did a small project from auction.com many years ago 126k Purchase Price 309k Sales Price It just sold for 450K ....  

To @Mike Dymski point about density bonus for low income they tried that with new builds and that caused a rush of permits to go in before the law was past and very few projects after the law. 

There are several considerations that can go into the analysis of whether you need an LLC or whether a large insurance policy will suffice.

Borrower Types: The Professional - HM Lender will cut sweet-heart deals to keep these borrowers around Experienced real estate investors Regularly engage in property transactions Typically have a track record of successful projects The Newbie - Charge Higher everything as the risk is higher as no experience Novice investors or first-time borrowers Limited experience in real estate Seeking to build their investment portfolio The Deadbeat - Only lend if the deal is so SWEET, they can't lose if they take the property from the Borrower Borrowers with poor credit history or financial difficulties High-risk borrowers May struggle to secure traditional financingThe lender will do an application on the deal/borrower and some standard docs they require are:Hard Money Application / ExperiencePurchase contractARV report – COMPS – See * Redfin*Pictures of Property – most people use Dropbox to shareProof of Funds – Down / Reserves (Bank Statements)Personal identification (ID or passport)But usually if the deal is sweet enough, they will do it anyway because if the deal goes south, there is so much equity/value in the property that the HM lender can't lose.

Many new investors claim to have analysis paralysis, but that's usually an excuse for either a lack of confidence (you need more meetups and more authentic relationships with other real estate investors) or shiny object syndrome (you want to house hack, but you like apartments, but also flipping, and what about storage).

You need to demonstrate a substantial investment ($100K+}, a solid business plan indicating your ability to support yourself along with any family members, as well as the projection of hiring US persons within 5 years.  

Just curious if you moved forward on this project.

People laugh sometimes but I've bought two houses on credit cards using one of my account checks at times when I had a lot of projects going at once and was short on cash but didn't want to let a great deal go by.

Have participated in about 6 PadSplit projects over the past year.

For illustration purposes if I were given the opportunity to finance my construction projects at 8O% LTC full recourse or 70% partial recourse I will select the higher levered recourse option because have confidence in my projects knowing the debt is sub 60% LTV and want the benefit of leverage.