Just would like to add two things to this since everyone else did a great job explaining it: When selling, try to find a place to put that money that ideally offsets the capital gains.

Ideally, they would have access to a line of credit, or some type of loan for misc purchases. 

Vinyl plank flooring is affordable, easy to install, and resistant to moisture and wear, making it ideal for high traffic areas like stairs.

Commercial with a national tenant and NNN with a lot of depreciation write-off in the correct market would be ideal.

The loan would likely be made to that entity ideally.4- Did the GC as JV outline construction contract type for budgetary accounting?

It's ideal that you own the property outright because the holding costs on a hard money loan a lot of time is what kills development deals. 

@Michael Smythe I very much appreciate the class breakdown and the opinion because it gives me an ideal way to do my own research and lay out the information.

Ideally, you'd take a full loan application, run the loan through automated underwriting and the automated underwriting findings will tell you exactly what you need to obtain from your client as far as financials go.   

Ideally, I wanted to start with a house hack of a duplex or triplex.

However, I'd Ideally like to find a multi-unit and operate both strategies