They would get a guaranteed rate of return and you remain as the sole decision maker since YOU will be the one who has to hold this property long term.

Then yes get it stabilized and look for your next place using some of the remaining $200K. 

We'll worry about phase 2 & 3 (the remaining units) later on- Phase 1 is site development (horizontal construction) for the whole project, and a structure that will contain 10 of the units - Horizontal construction costs: approx $225k- Vertical construction costs: approx: $210k/unit- Assuming loan will be structured between an advance against land for the horizontal and a construction holdback for the rest of phase 1What would likely be the loan amount, term, and pricing (rate, points, fees)  for phase 1?

We'll worry about phase 2 & 3 (the remaining units) later on- Phase 1 is site development (horizontal construction) for the whole project, and a structure that will contain 10 of the units - Horizontal construction costs: approx $225k- Vertical construction costs: approx: $210k/unit- Assuming loan will be structured between an advance against land for the horizontal and a construction holdback for the rest of phase 1What would likely be the loan amount, term, and pricing (rate, points, fees) for phase 1?

We'll worry about phase 2 & 3 (the remaining units) later on- Phase 1 is site development (horizontal construction) for the whole project, and a structure that will contain 10 of the units - Horizontal construction costs: approx $225k- Vertical construction costs: approx: $210k/unit- Assuming loan will be structured between an advance against land for the horizontal and a construction holdback for the rest of phase 1What would likely be the loan amount, term, and pricing (rate, points, fees) for phase 1?

I will do the remaining 10% when they move out. 

Higher interest rate + closing costs + one added year of loan length payment > remaining principal payment + lower interest + PMI.

She said she can't sell the house because it is tied up or used as an asset to the state, for her to stay in the nursing home.

and since neither can be mine, let me then tow to pieces, while still chasing thee, though tied to thee, thou damned whale!

There is 7 years remaining on the tax abatement and it will cash flow about 300/month.