To put this in context, I own a construction, renovation company.

. $7000 closing costs on a $420K property plus an additional $30K for construction loan.

I think your best bet here is a DSCR cash out.

Recently, my wife and I came across a new home under construction, set to be completed early next year.

Get approved for construction loan (This is normally a loan at an 80% LTV, right)3.

He's playing with numbers, I reckon, and I bet there was a mortgage on the property, so his cash in was not $230k.

Often we can get a bridge loan with cash back at closing as well as the remaining rehab budget in construction hold back in one loan. 

New construction going for so cheap in this area as opposed to how much new construction goes for New Jersey made me very interested in just purchasing something that is already completely done and hopefully good to go for the next few years.

Typically where the builder goes into a smaller town or area build a small phase and then moves out to another county or town leaving not many new builds in that area to offer new future construction home sales.

Thanks Hey Troy, I would say the best bet is for you to try to sell it as a package deal and get a seasoned investor-agent to try to get you some action on it.