However, I've worked in the mortgage industry since 2001, primarily in the secondary market (i.e. mortgage bond trading, analytics, rating securitized mortgage bonds).

This will not have any direct impact on the fixed, long term mortgage rates as they are controlled by the bond market. 

I've asked if they are licensed, bonded and insured, and they say they are, and I told them that I will need copies before I sign a contract or pay a deposit. 

IMO, cash flow IS what REI is about, sort of like a coupon bond, you collect as time progresses. 

If you work with licensed, bonded, and insured professionals they will be able to pull the permits for you or guide you in what you need to do.

Workers bonded ?

However, if you are new at this these are allows good to cut your teeth on.  

You could also explore fixed income mutual funds or ETFs, but these may lose principal.For the balance, consider that 10-12 years is a long enough time horizon that fixed income instruments - bonds, CDs, or debt funds - are subject to inflation risk.

., and later, submit for plans.Once the plans are far enough along to know what you can actually do, have a basic design, then you will have the information to do a cost breakdown, which a construction lender is going to want to see, and for your own benefit of knowing the development costs.Our company is able to do most of that in house, within a week or less most times, and allows us to know quickly if we should move forward or walk away.However; without experience in development, it may be a complicated project to cut your teeth on.

Trying to get him to sell was like pulling teeth.