I am a Real Estate Developer and multi-family investor based in Toronto, Canada, with over a decade of experience in these asset classes and a portfolio spanning 900+ units.

James,The purchase price and the Current market price of the properties are not what your Insurance should be based on. 

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I'm based in Atmore, AL and currently looking in Bay Minette, Atmore, and Mobile.

I highly suspect you can find many RE based investments that would project better return than these options at these construction costs.  

There is no interest rate, its a flat fee based on the amount borrowed.

I can’t speak for them or that area but I have had a few investors that wanted to be on the coast-pacific beach to ocean shores) and from what I’ve seen and researched there wasn’t amazing results based on COC numbers.

Also consider selling and reinvesting in other assets based on market conditions and your goals.

How would you explain these buyers terms to the seller. ok. 30 year amortization means the monthly payments are based on a 30 year loan, but at year 20 whatever the balance is they pay it off then (balloon payment)Personally I would NOT accept any of these offers.

You always need to run your own numbers based on what your goals are, and anticipated holding period.