Your website says you’re a hard money lender.

At any point though could increase high enough to where renting isn’t feasible.

(Yes, I know everyone wants to sit out their high horse and say to get permits but it's different when you are eating a 12% loan while waiting for someone to check your project).Have you spoken to the city about what type of permitting you need? 

Reasonably priced good quality stuff, or good deals on nice (but not that nice) things are the way to go.

Quality work and fair rates.

I’m trying to be smart economically, but also get something that won’t cause us problems with low quality. 

This website has several of both as members you may wish to contact any of them or someone that you know locally.

@Kim McGrathI highly doubt you will do better than 8% as land is very difficult to get financing for right nowWhat is the property worth?

I highly recommend continuing to work at least some.

His boss also spoke highly of him of having good character.I told him, if it was just him, he would have moved in already.