If you do decide to build, I would work closely with your builder while you're still in the due diligence phase of your land contract and make sure the numbers pencil before closing. 

For the month to month tenant you can change their lease rate as you see fit… but if you are changing it significantly you should phase it in to help them have time to adjust and prepare for it (in my opinion)… maybe across 2-3 months.It’s likely that your tenants are use to each other having already lived next to each other.  

Economists:It is said that there are 4 phases of a real estate cycle: (1) RECESSION (supply greatly exceeds demand and high vacancy rate); (2) RECOVERY (rental growth remains stagnant with little signs of new construction but the economy feels like it is headed in right direction); (3) EXPANSION (job growth is strong and increased demand for housing. 

The planning phase took about 10 months and we've been in the build phase for nearly 7 months now.

Fear of admitting they have a bummer until they get to a critical phase.7.

I see this way too often with investors, most are never able to get past either the education or the analyzing phase.  

Alternatively you can sell to an investor but the investor buyer usually has plenty of optionality in the markets that don't reach the transition phase which eliminates most negotiation leverage.

Just started the research phase and learn everything I can about this process before I make my first purchase. 

What else are you doing to maintain security remotely during the rehab phase?

If interest rate trends continue or hold, we're entering a subtle new phase in the market.