All the best to everyone and hope you all are doing better given the current situation with Beryl.

I believe I have two options.Property Info:Purchase Price: $365,000Current Loan: $329,000Interest Rate: 5.7%Mortgage:$1900PMI:$130Insurance:$157Taxes: $320Current Rent Left: $1200 (Market $1400)Current Rent Right: Owner Occupy (Market $1800)1.

Assuming  this revenue ruling still stands, it mirrors the SC situation nicely, meaning it would support your acquisition date of the real property not starting until you have taken possession.I think this would be highly dependent on the terms of the local jurisdiction as well, so what might be correct in one jurisdiction, could be completely wrong in another depending on the rights acquired related to the property.But happy to be pointed where I am wrong!

I’m trying to understand the terms of these construction loans to build a duplex and choose the better option ASAP. 

Fund that flip is smaller, but also less investors, so at least the deals are not funded in just a few seconds.Both platforms suffer from some of the problems that pretty much all of the hard money loan platforms do: not enough volume for someone wanting to maintain a large portfolio, not enough conservative 65% LTV loans, too may loans and judicial only states (where it's extremely expensive and time-consuming if you need to foreclose which can cause losses), and single note risk (i.e not diversified).

GCs, handyman, lawyer, loan officer, and a partner are some people I plan to work with. 

;)You're overthinking your situation, luckily.

The majority of investors have utilized low down payment conventional mortgages, or DSCR loans and the majority were able to secure seller concessions between 1-3%. 

Cash on cash is pitiful, but it’s 8.5% loan which will look good when I refinance at 6% or so.

Are you sure you can get a loan at 30 years Amoritization for the initial purchase?