Since you will be the guarantor for the construction loan, the lender will expect you to have ownership interest in the real estate. 

And new community is under construction and selling already literally in my backyard.

Otherwise, the work went OK, but the construction time ran significantly over. 

The process is very involved as you'll have to navigate pre-construction activities that involve architectural plans and approval from the city and then the construction activities (Shovel to soil) take anywhere from 5-9 months depending on how much your building. 

Hello Scott, developers require a minimum down payment of 30% and the balance in  to 9 months in a pre construction condo.

We're doing a ground-up construction project in a booming spot on the Pacific Coast of Mexico.

You can buy those new construction and the rents are strong enough to do ok. 50k to 60k gross by year 2.

That being said, this is mainly doable for folks taking on cosmetic rehabs with great time management/construction management skills.

Many people did that during the pandemic and most buyers in Tulum buy pre-construction.

What I did find is that as a builder in eastern tennessee, I could build STR cabins for less than 70% LTV so that I could effectively BRRR my way into growth without coming out of pocket for a down payment.Now it does take a lot more cash to do because as a builder I have to front a lot of money at times (land, permits, each stage of construction while I'm waiting on the draw).