(Call it 20% federal and 5% state ($15k in income tax, plus the $45k in additional taxes you created.).

As for the legalities of setting up an LLC to protect you and your partners, I would consult with an attorney for best judgement. 

DSCR/hard money are non owner occupy loans.If you decide to do FHA203K for the first home - a 203K consultant/inspector will be required for the standard 203k loan, you will unlikely be able to serve as GC and you sign a 1 year occupany affidavit.

You can pay for expediting for plan reviews and the best way to "expedite" beyond that is to make sure that your engineer / consultants are submitting complete packages each review cycle.

Have you consulted with lenders to discuss your budget and options?

We develop and consult new developers through the full cycle of development.Financing differs from project to project based on your equity, land cost, construction methods, etc.

Your best advice would come, for a Tax Advisor NOT a Tax Preparer (CPA).

But consulting with the town would be good to try to understand what they're permitting process is like.

Baselane has the added advantage of synching with your Schedule E you'll use at tax time to file your taxes.

Your choice should align with whether your goal is quick resale or long-term rental income, and you should consult lenders who specialize in both DSCR and rehab-friendly options.Best regards, Stevan