Total profit less closing costs and commissions will be about 42,500 each or 85k total.I would for sure get a construction loan, may be worth approaching 2 or 3 different banks and getting separate construction loans from different banks. 

Conventional Loan How did you add value to the deal?

There are DSCR lenders will allow only a single 20 or 25% owner of an LLC to sign a Personal Guarantee (other owners are not on the loan, or liable for the loan).

I would get a bridge loan to acquire the property if it needs to be rehabbed and/or closed quickly.

If you are looking to buy in PA, its possible you can qualify for PHA KFIT program that gives you a 5% closing cost forgivable loan.

Assuming since you did any FHA loan, this was a househack?

This is the structure we were looking at which is more of a subsidiary structure and this applies to raw land development: 📌 Structuring Plan1️⃣ Set up a QOF to raise capital from investors.2️⃣ Create a QOZB to handle hotel & parking development (each separate land parcels).3️⃣ QOF owns the land & funds QOZB for development.4️⃣ Raise capital through QOF equity, bank loans, or JV partners.5️⃣ Develop the projects & operate for 10+ years for tax-free gains.

Kathy, check out Anchor Loans as a comparable. 

Financing options do exist: hard money loans, renovation loans, and some traditional mortgages can be used on distressed properties if criteria are met.

Since it was over 12 months with my HML, I ended up taking the property under my name with a 30-year conventional loan.