Instead of their cash sitting in a savings account, they decided it would be a better investment to earn 3% on their money instead of .03% in the bank.

Aunt/Uncle have a property maintenance company in Brainerd that partners with my PM, Cousin works for the local commercial bank, things like that... 

Head over to bank rate or and take a look at the mortgage calculators, plug in the numbers and get an idea of what the property needs to generate to satisfy the intended debt.You still have to underwrite the deal for the non-finance expenses as well(typically 40-50% of the gross rents). 

You should always talk to a mortgage broker or bank first to find how much you qualify for before starting the investor journey.

. $300sqft to build at least.If you have any sort of mortgage on the property you will need an attorney to handle the mountain of paperwork the bank will give you for a lien release. 10k+, also probably some nightmare terms to have to build and sell immediately and god knows what.At this point a year has passed and you have spent at least $60,000 cash, you're about to break ground on a structure that will cost you at the very least $400,000 to build, you are still 1 year away from cashing out because you have to now build a house.

Give me a shout if you have questions, but here's the short of it.Best financing is going to be from a bank or a conventional construction loan.

In my land Timber days we just used bank LOC's but success in logging and creating substantial income allowed us to get those lines.

I do have reserves to cover contingencies.Let's just say, I'm satisfied with those numbers.Had I had to use a bank, I would have had to put down 20% for $33,000, plus closing and my payment on the remaining would be $1400 PITI including HOA. 

These qualities are far more valuable than the numbers in your bank account.7.Set clear goals.

Once you hit a certain number of loans (check with your state dept of banking and finance or dept of business regulation), they might require you to have a license.