So I have a few questions:1) There are several ends that need "finished" my thought was to purchase 1/4" ply wood cut to finished then glue to the end cap and paint.

I've seen properties subdivided and the road (which was private) became a public road and all trees lining the road were cut down by the city. 

My situation is I am switching jobs internally with the same company, however I am taking a 50% pay cut and don't want to risk my debt to income ratio on a cash out as neither unit is rented just yet.

So, we thought to cut to the chase.

HML facilities are pretty cut and dry.but the borrowing against our notes was when I was in the Land and Timber business.. we would log a track  sell it to a home owner on contract but it would take a year or two for them to go through planning get their house designed etc.. and then when construction loan was ready we would get taken out.Generally when we did these the logs paid for the dirt so we owned the property free and clear and would sell the parcels for 150 to 300k ( our profit)  but could not run our machine collecting 2k a month in a payment so we would borrow 50% against them at our bank still positive cash flow and had the money to buy another timber track.. as these were generally all cash purchases..I suppose those that do the brrr with owner financing could run the same model.. ???

Anyone with a lot of cash and under pressure to do a  deal is in a vulnerable position, and having that knowledge cuts down the extent of how vulnerable you are.

If you don't have a clear scope of work you will never finish a project.2. you cant cut corners with contractors (not all contractors are the same)3. the more education you have the better off you will be. 4. i don't want to do the work myself and creating a process is the best way to manage risk, and optimize productivity.5. * don't trust anyone with your due diligence.I have 2 properties that i purchase over 1 year ago and i'm finally putting 1 up for sale by the end month.

(This would be my first rental, one I could test the waters with to see if I am cut out for it or not) The 4 options that I can think of for my current house1.

As you mentioned in your post, the major thing to avoid is the eww factor (i.e. cut out the BS). 

Once the property is rented, I simply cut two checks each month, one for his/her share and one for me.