Certainly not the more expensive and exclusive neighborhoods.  

Quote from @Simon Walker: Quote from @Brandon Croucier: Opportunity cost is a serious expense, if they are moving slow, they are COSTING you more money than what a hard money lender might able to make you.

Finally, any advises or tools on how to better manage the development process, track expenses and monitor budget?

We have paid every distribution on time every time in the amount promised or more. 

If they default, you keep deposit and anything they have paid prior to default and simply evict them.

We paid cash.

A lot of people watch the TV shows and think it is easy money ... most of us learned the hard and expensive way.Good luck in your journey ... wish you were closer to help!

A Solo 401(k) is generally subject to UDFI but is specifically exempted when the debt-financing is used for the acquisition of real property.When a tax exempt has generated either UBTI or UDFI, the tax paid is referred to as UBIT - Unrelated Business Income Tax.

My PERMANENT PORTFOLIO consists of notes and my participation in note syndications that are held for income, collect interest on a continuing basis, and (hopefully) get paid off at maturity without any “drama”.  

If you've owned for at least that, you're good.If you do a rate/term refinance, where just the hard money balance is paid off, rates will be much better.