You might want to consider a bridge loan for this project.

And along with that, any insight into GP/LP on a project like this would be helpful.

Also, before you buy another property you'll want to determine your ideal next property - meaning, will it be a "rent ready" house, a major renovation project, or somewhere in between.

At that point my project manager (and partner) started pushing him. 

The process can take client's anywhere from one month to two years of active and consistent searching, analysis and dealmaking to acquire the right home.

You don't want to get a call 3 months into a project where you have lent money and hear the operator say that they ran out of money and need more money from you to finish the project or you will lose your investment.

Still need architect and project would cost more or less same.

As a matter of fact, far too many these days don't write contracts or stick to their price commitments after the project is well underway. 

But at least you're getting a wash instead of getting screwed.As my colleagues said, Form 3115 is not a DIY project.

The buffer is built into the conservative analysis.