On the loans side, who is the lender JV?  

A particular strategy that may help you is to assume VA loans.  

Additionally any pros/cons for using FHA loan would also be much appreciated, thanks!

Actually, on the loan application 1003's that I've seen, ***************************Uniform Residential Loan Application  1003Section 3: Financial Information — Real Estate.

So it does appear to be possible to get an FHA 203k loan for a 5-unit & convert to a 4-unit.When possible, aim for the Limited (aka Streamline) 203k loan, as it's less complex, not required to get an FHA consultant, etc.Of course, this is based of the two following important assumptions:1)  zoning allows for this2)  and obviously I owner occupy for at least 12 months3)  the total purchase price + renovations are within the FHA loan limits specific to my areaWhat I'm confused about is the timeline or chronological order of the process? 

This is not even close to the documents required for a properly drafted loan.

Purchase price: $740,000 Cash invested: $1,300,000 Sale price: $3,850,000 I refer to this project as a new construction house hack, as I secured a primary residence construction loan for a two-family home.

Using a Whole Life Insurance (WLI) loan avoids banks but accrues interest, potentially reducing policy benefits—compare this with other financing options like HELOC or seller financing.

If you're thinking a Conventional loan... did your lender say if you'll be able to pass QM with such a small loan amount?

VRM Properties is misleading on their website, not very many details are provided on their loans other than comparisons to a conventional loan.