Do one task at a time in each app so you can compare apples to apples.Load a property with pictures and details.Market that property.See what your marketing looks like from the public's perspective.Submit a fake application to see how easy the process is.

Most lenders want at least 15-20% equity, otherwise the I/O component could be available but cost or payment prohibitive. 

I don't take a 2nd bite out of the apple.

I read that multi-family doesn't compare apple to apple with sfh and there's less purchase demand, so it may appraise less.

Eventually I will look at IRR, but I have to start somewhere to do an apples to apples comparison and CAP rate seems like a good number to compare properties against one another.

We stall development, cleanup current property, rent at market, hold our I/O 2.9% rate for the next 5 years while still locked in and pick back up development when rates fall in the next few years.

Get the horse in front of the apple cart. 

Update 2023* We did a Heloc on our primary residence(duplex) with Penfed at 80% ltv around 8% 3o year am with 10 I/O and 20 yr payback.

Dave and J did a great job turning apples and oranges into apples to apples.

This is more often the case for long-term mortgage products. 6-36mo I/O Bridge Lenders generally speaking, care less about sourced or seasoned down money, but always worth discussing with you lender before you proceed with any form of Gap Funding.