Quote from @Beth Johnson: We pass all loan servicing charges through to the borrower including set-up fee, monthly fees, and any servicing charges such as payoff demand generation, and loan close out fees. 

I see little benefit in the FHA as an option as long as the 5% conventional loans are available now.  

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. 

Since agency loans don't allow you to put the loan in an LLC, ask your wife this. 

This is why I use a loan broker...I want his experience with who can do what they say and who is a delay. 

If I got a home equity loan for Property 1 and used the proceeds as downpayment for Property 2 and then got a 2nd loan for the remaining 75% purchase price for Property 2, when I sell Property 2, can I use the Property 1 loan as part of the cost basis for computing Property 2 capital gains?

You can open a Self-Directed IRA and use the IRA funds to buy a house using a Non-recourse loan. 

Refinanced August 2020 into a 15 year loan at 3.375%

I doubt he'll be able to quality for a loan (VA) with just his income. 

Any good resources for learning about hard money loans?