Also, you did not factor your expenses will increase at all so that’s why your COC% go so much higher in future years.

you have NPN and you have new origination performing notes.. new originations are readily available to you and are a great way to diversify.NPN are work and can be quite complicated and risk factor is higher but returns if you get one to work is higher generally than new originations.

Can anybody offer advice and/or recommend a good design/build company who would be familiar with this zoning code, not the most fancy expensive outfit but somebody capable and certainly not the cheapest?

You'll need to factor those in as well

Hard to say what a individual institution will consider but for th emost part th escore is th emajor deciding factor.

@Denise Evans is absolutely spot on about sending in payment and receiving the Deed to the property and how long it can take; I think that should be a factor in your decision making as well.

I invested a lot of money and I was so consumed with tenants, contractors, lawyers, agents, etc. that I never factored in my daily wellbeing.

HML facilities are pretty cut and dry.but the borrowing against our notes was when I was in the Land and Timber business.. we would log a track  sell it to a home owner on contract but it would take a year or two for them to go through planning get their house designed etc.. and then when construction loan was ready we would get taken out.Generally when we did these the logs paid for the dirt so we owned the property free and clear and would sell the parcels for 150 to 300k ( our profit)  but could not run our machine collecting 2k a month in a payment so we would borrow 50% against them at our bank still positive cash flow and had the money to buy another timber track.. as these were generally all cash purchases..I suppose those that do the brrr with owner financing could run the same model.. ???

We had assumed that the tenant had paid rent to the previous seller for March and did not inquire regarding rent for that month (it was factored into the concessions we asked for and the ultimate purchase price).    

It's a lot more complicated than "this is always 5 year, that is always 15 year and those are always 27.5 year" since the determination is based on 6 factors meant to test permanence.