In other words, two financing agreements "wrapped" together.But the goal here would be for the 2nd buyer to close all-cash (to skip the financing process), would that still work? 

Any advice or insights into the process would be greatly appreciated. 

However I would say those lenders would be more willing than a bank to write the mortgage, and after completion you can refinance it.Overall, its probably easier and better use of your time to just find another house that doesn't require the construction and where the numbers make sense.

But from a moral & ethical perspective, you may want to decide at some point to just eat it and accept write it off as cost of doing business.

Quote from @Theresa Harris: Get it in writing, change the locks, get the place listed and find new tenants. 

First person I hired, I also had them write their own job procedures and so on.

I would work on my communication of my processes including letting them know asap of their schedule with me. 

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

I did confirm that in North Carolina, per the Statute of Frauds, any agreement lasting a year or more must be express, in writing and delivered to both parties, along with consideration (which I remitted via wire). 

You would need to notify them in writing that you will not be expending their lease and they will not be transitioning to a month-to-month lease.