However, many of the buy and hold deals I'm seeing investors do this year look like pure speculation to me, where there the deal is nothing more than a bet on the continued upward trajectory of the Austin market.

Your safer bet is try one if it makes sense.

If you have other needs, share them here or on the RING meetup site and if I can't help you, I bet somebody else in the group can.Not long ago, Baton Rouge was struggling with some issues of division that called into question our love for our neighbors and our fellow man. 

He took a week off from his regular job to work on the kitchen, still not much progress.

Good luck on your hunt, I think as @Antonio Guerrera, Jr. mentioned your best bet may be to find some off-market or foreclosure deals.

I just did a single family residence deal there earlier this year but it was a 1 unit so loan limits are 554,300 as opposed to yours which is $709,600 so it looks like your loan amount is below that which may help you get financing if you're considering a refinance.FHA allows a cash out to 85% of current market value so if you believe you're at 603,000 loan amount then you'd need a min appraisal of 709k or so to refinance this home into a conventional loan if you're trying to remove mortgage insurance.There are lines of credit to 89.90% or 90% of your homes value if you're interested in having access to your equity (if the property appraises high enough).To address your questions:1) If it appraises high enough yes you can remove monthly MI and you can use a line of credit 2nd to access your equity (this would be your best bet).

But the GC carries the build, with me only paying 5 or so progress payments.

Yes, you will have a higher interest rate but you have to look at what it is going to cost you: If the higher rate is going to cost you an extra, say, $30/mo and your closing costs are, say, $6k, you are betting that you are going to keep that loan for over sixteen years. $6k/$30=200 then 200/12=16.66(yrs).  

Questions: does PoL check in on progress and document each stage before disbursing subsequent monies in a multi-phase project?

That would be your best bet.