all materials, all labor costs to others, Not you, utilities, interest payments, permits, licenses, auto/truck expenses, tools needed are all deductable. 

Utilizing a wrap he has a mortgage note as an asset to offset the mortgage he’s still responsible for on the property.  

Luckily I do and Rentvine has a pretty extensive set of commands to use.Plus they have a demo account which you can test your code on by importing fake data into that account. 

thanks for the guidance @Kaushik Sarkar Since it's development it will take longer to get to the exit. 3 years could be right depending on the market, if the project requires entitlements, how long it takes for permits, no major utility obstacles, etc.

I'm an asset-based (hard money) lender from Atlanta with an extensive 15-yr background in residential and commercial real estate looking to learn more from the BP community and how I can help those that need investment financing. 

There are quite a number of things that can make utilizing an FHA loan more difficult such as more barriers during appraisal, appearance of low qualification/little cash, typically longer closing period, likely higher interest rate, and PMI cannot be dropped without a refinance if 3.5% down.That said, just chain 5% down conventional loans, and make sure your duplexes pay for themselves.  

@Marc Robinson some may be more adventurous than me but with septic and well I would walk awayI prefer TOH of course but with $300 lot rent and 19 occupied, utilities included in rent I would pay $400-450k for this

Build to rent is a great strategy if you are able to utilize some competitive advantages in your market.

Originally posted by @Jack Grove:@Okansa Patrick Were you required to utilize a hard money lender when dealing with New Western?

Utility improvements.