Our response is provided here in it’s entirety.

I've been having difficulty finding a bank that offers it without monthly fees.

Try to find something that is surrounded by residential homes if you can.

Long story short, the properties were far from turn-key and required that I find an out-of-state contractor and property manager to complete renovations and find new tenants. 

Quote from @Devin James: Gross Margin is an important calculation for developers/builders.Gross Margin = Gross Profit / RevenueWe shoot for a 20% gross margin on our New Construction HomesReal #’s:Home Sales Price: $374KClosing Cost: $18,700Cost of Construction: $258KLand Cost: $30KGross Profit = $67K$67K/$374K = 17.9% Gross MarginCame slightly short of our goal of 20%Homes Values and Build Costs are constantly fluctuatingI wish we had a crystal ball build larger homes. average new build in our market is 2200 square feet, 4 beds, 3 baths, 2 car garage and sells for 515k. construction costs lower if design is good and find the median or average home sale price and push that up. my guess is you built too small. 347k is cheap. we target 429-479k price range in columbus ohio for single family homes and also only purchase close to urban core where premiums are 20% higher and we build smaller like 1500 sq ft where price per square foot goes up. 

@Arun Maheshwari we work with clients to find turnkey rentals in Houston, DFW, and San Antonio in TX, but also have 8 other markets we're in across the Midwest/midsouth.

@Sang Kim- I am sorry to hear this....DId  any of the  paperwork provided  outline if the  6K fee  was rendable  ?   

Assuming this is a clean file, with no exceptions required, most Underwriters take anywhere from 48-72 hours to review a loan and get CTC, or provide further conditions. 

Have a baby, and gallop into the sunset (while still making calls to PM's)INTEREST:I first got interested in Real Estate Investing because of the potential financial freedom it can provide to me and my family.

This experience has provided me with a strong foundation in acquisitions, valuations, and deal sourcing.