Although, I will more than likely learn all the time. 2.

What would be the best ways to familiarize myself with construction process, while still maintaining my W-2 job? 

The investment portion of 3 units equals their reinvestment target of $600K. 

Seller will owner finance the portion she can.To those who have been walking down this path, how are you funding these projects?

The front end can sometimes be tedious to get approved by the local housing authority, but rent payments are always timely.

I can envision that the numbers on these luxury homes would lead to to a long lag time...but hopefully I'm wrong. 

It doesn't sound like that has happened here because you keep saying you want to transfer it etc...essentially you want to give them the property, because right now today they do not own it and have not completed AP...you're doing their job for them. 

Almost every reputable lender is going to have a draw process for any lender funded rehab portion. 

Rates are going to start to fall in or aroud May/June of this year so by the time you have purchase the nest home you can do a "Rate & Term" refiance and lower the rate on the first home. 

Cash out should be used as a 12-24 month loan so that you can buy another property and pull cash out at the next 12th or 24th month mark.At that point you take a portion to pay off or down the first loan and use the rest as a down payment on the next REI.