I would be very very cautious with anyone who would lend 100% both construction and acquisition - clearly they would have to hold it on balance sheet - but tread lightly as if it seems to good to be true it probably is 

We have 40k in cash and 100k equity in our current residence, but we don’t want a larger house payment than what we have already.

Glad to have you in the community!

Go to NETWORK at the top of your screen and you can search for other investors and investment groups in your area.

I happen to have a few investors who want in on a 2-4 plex but have yet to find an eager investor on the bigger units. 

But we use this strategy to create more available funds for future purchases and to help build a good long term rental portfolio.

Once Dave chimes in I think you'll have a better perspective on what that could be...

You will lose ALL tax benefits and owe all the capital gains that would have gone away. 

You want it for sale by April 1st at the latest.

With rising costs like HOA fees, insurance, and property taxes, it’s tempting to push rents higher—but that strategy often backfires  (and IS backfiring), especially in today’s market.Why Overpricing Hurts More Than It HelpsRents have softened, and supply is increasing.