You must be extremely diligent in your planning and execution of all phases of a FHA/BRRRR strategy.At a minimum you must buy properties at a good discount that allows you to force equity appreciation.  

The allowance is completely phased out when MAGI hits $150,000.

Also If I could get the 48 lots filled I could go into a phase 2 expansion for about another additional 100 lots for a total of 148 lots. 

During this recent discovery phase where they kept asking for more docs, I learned that they were incorrectly calculating my debt to income ratio....they had mine at 44.5% and the max for the loan/lender was 45%. 

I've decided that I would like to pursue real estate investing as soon as possible in order to build long-term wealth (I'm currently in the saving phase).

Something that size, if you don't have big pockets, is usually best served in phases, where you can get some money coming in and, more importantly, people living at the site so that other people are encouraged to buy as well.

I too am in the beginning phases as I begin my REI journey.

A single family house we manage is under contract to be sold, and during the due diligence phase the inspector left the water running in the kitchen and the bathroom for a full two hours.

I'm still in the learning phase and looking to grasp as much info as possible!

I should also mention that it is generally the specific contractors who will pull the permits applicable to their phase of the construction--e.g., an electrical contractor will pull electric permit, plumbing contractor will pull plumbing permit, etc.