I would like to pass on a little bit of useful information for anybody thinking of converting their permit over to owner-builder. 1 - You will not be able to sell the property for a minimum of 365 days from the date of issuing of the CO. 2 - The property must be for the owner's own use and occupancy and not for sale or lease which means you will not be able to rent it out. 3 - The owner-builder must ensure that all employees working on the project have the required licenses.4 - The owner-builder must provide worker's compensation as required by Florida law.5 - To apply for the owner builder permit, you must physical visit the building department.There are others requirements and conditions, however these are the main items.

ALSO they have regs on rooming houses only allowed in specific zoning, similar zoning as for hotels;  only on main streets in business districts AND you have to apply for licensing and blabla as for a hotel..That said;  there is a small movement supporting rent by the room as a small step toward solving affordable housing. 

However, this structure provides two main benefits: 1) I don't have to build a big marketing machine to raise money.  

I know that my COC my be lower, etc but my main concern since its my first property is being cash flow positive.  

The fact its in a landbank tells me that it was taken back for some reason, which tells me its likely not a high commercial demand for development, but I could be wrong.If it is "on the main drag" in this town then I'd think doing a new build home to do a targeted and intentional air bnb would be the best bet. 

Are you essentially saying the expected higher interest rate is the main issue with the strategy?

Yes, its mainly ordinary income from interest payments.

To make the job flow easier, but also (mainly) to protect myself if a customer changed their mind later ( which was common).

For example is the 3/4" settlement in a main area of the home, is it in a basement?

OpenPhone has been a great tool for communicating with property owners, vendors, and generic main office phone calls.