Continue exploring various strategies to optimize your purchasing power and minimize upfront costs.Using an FHA or VA loan for MFH acquisition can indeed be advantageous, offering lower down payments and favorable terms.

If the market changes or costs go up, etc., your flexibility is limited and interest keeps ticking. 

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

You'd need to look at how much this loan would cost you, how long it would take to recoup those costs...if you lock yourself in with a 5 year PPP and rates drop in 2 years, you're going to end up having to pay a hefty fee if rates drop and you decide to refinance.

Said that our property rebuild costs exceeded their maximum. 

Not sure about power.

Jaime The cost approach (land value + depreciated cost of improvements) is typically the least reliable indicator of value.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

I understand it is inherently riskier to develop raw land, but I learned that the reward is significantly lower lot cost and higher margins. 

I would do a HELOC, because if you don't want to take the money out you don't have to pay the interest, on a home equity Loan, the full amount is going to be advanced when the loan funds, and you will pay finance charges on the whole amount.We do investment loans on new construction, Typically we can do 60% of the land costs, and up to 100% of the vertical construction, not to exceed 85% of the Costs.Thanks,Dustin