We're currently looking for ways to streamline supplies for cleaners (toiletries, towels, item replacements) and handle small handyman issues.

Do they want a balloon payment at some point, or will they carry the loan forever? 

We looked at some property in Belize recently and local banks had rates in the 10's for a 5 year term, variable rate, amortized, and with a balloon. 

In those two specific states there is just a ton of build-able lots especially SWF so you dont have a supply issue like other areas of the country that are supply constrained and therefore prices are holding or even rising a tad.

Senior Living here is in short supply and high demand - good luck!  

Know the demand and supply in the area. 

For a scope like yours, it typically takes 2-3 months with a solid GC, though sometimes supply issues can stretch that out.

And tons of people are getting into this business and drive the price down (simple supply vs demand curve).

This covers the vacancy time and work supplied to find a new tenant.

If existing houses are cheap relative to land and constructions costs, and supply is high, it may not be worth developing even if the agency says "do whatever you want".