As long as both of you are in agreement everything should work out just fine. 

In my experience, development is a time consuming and oversight intense process.

I'm looking for either a full time employee or a labor company to sub work out, insurance and w9 necessary.

They can look at hard numbers and tell you what you need to take or offer to make it work out. 2) They know what to look at and consider in the big picture to make sure this turns out to be a profitable venture. 3) You have someone else to blame. lol.

If things don't work out properly you can get thrown in jail.  

How did it work out?  

Realize that your first choice in some cases won't work out and you will have to find replacements for these professionals.

If you are a licensed realtor, you can work out a co-broke deal. 

Also, the argument has been made here on the forums that the "1% rule" is geographic - it applies in some areas, in others it is more of a guideline, and 1% just isn't common here without some intense amounts of luck.  

You need to talk to a banker about this, you're running a huge risk if the timing doesn't work out perfectly.You should negotiate draws with your hard money lender so that you don't borrow more than you need, and save a little on interest.as far as the specifics of financing, maybe @Jerry Padilla could give you some pointers about commercial vs. conventional, 15 vs 30 yr, etc.