The rules and payment standards vary significantly from one area to another, so familiarizing yourself with the local housing authority's procedures is key.

Be candid and do it in person.

If you set the vision and then define the roles and responsibilities I think you can have an easier time finding the person you are looking for.

I think if you leverage 70% of it you’re going to seriously cut into your cash flow and personally if I was going to have $7M in debt I’d prefer it to be spread over several projects built slowly.

It's a personal preference.

The GC is a business person who doesn't care about your ARV, LTV, or your budget.

Many require that you keep funds separate from personal funds.

I will make that proposal to the person I am talking and see where it goes.

Quote from @Dereck Olson: Hi Nicholas,  Just a thought from the possible tenant's perspective, but filling out a prequalification form and/or providing personal information before they have even seen a place and know if they will be interested in living in the property might be a bit too much to ask. 

Personal use - if you or your family used the property for personal purposes, you will need this to factored in.