I personally have $10,000 in closing costs and property tied up. 

It will be at least +20% of the construction cost though, companies that use payment plans need to tie their business to a lender so they get their cash up front, those lenders charge around 2-3%/mo as well, so costs need to be passed on.

My cash is tied up at the moment and I am trying to find suggestions about how to best structure the deal.

Again, on both occasions, before we could even walk through the property, the deal already had multiple offers made and was basically already tied up. 

I'm still figuring a lot of stuff out myself. if I were in your shoes, I would start with your parents and ask them to talk to their friends. you can also cold call real estate agents and offer your services as free help, but it may be difficult with your age as a barrier.as for your school, I think its unlikely that they offer work study at your age but it cant hurt to ask. also, if you want to do something that is outside the realm of what your school teaches, like real estate, you can sometimes request "independent study" which would allow you to learn it on your own but they may not allow you to do it until later on. regardless, at least ask your guidance counselors how to set yourself up to start those programs as early as possible.above all, don't give up. even if your only options are to use allowance money for books, any education is better than nothing.

I couldn't help but think of this idea of tying The Safe Withdrawal Rate with the classic 2% rule.

I'm a shoe-in, right?

Write your postLike to hear what some of you BP members would do if you were in my shoes.

But mt hands are tied as all I have is the promissory note & cancelled check for $40K.  

If I invest 100K in a property, tie up my cash for 8 months and break even it is disastrous and it can very easily happen especially with a novice.