They’re on a m2m agreement, previous owner didn’t have an issue with them or any late or missed payments ?

It can take 3-4 months to get them to process paperwork and start monthly payments.

But multiple credit cars, car payment, rent is a no go.I've had a few tenants that went thru foreclosure when the market crashed, and want to rebuild.

Also, you should be focused on constuction lenders who offer best leverage (usually those who will capitalize interest reserve &  finance a portion of the soft costs), lower floors on the rate since most banks tie their construction debt pricing to the fed rate, perhaps offer lower or no pre-payment penalty if the property reaches the permanent financing phase of the loan product before you are able to refinance and low or no required depository relationship outside of the actual operating ccount.

If they truly had your best interests at heart, they would defer the payments until you made a profit. 

We are also helping a client do a construction loan for a $750k purchase plus $400k for renovations and adu with 5% down payment. 

You'd have a payment of around $5500/mo, so you'd have to make sure that fits in your budget. 

They were making mortgage payments on behalf of your IRA, they could request latest statement, they could request payoff amount, etc.

What I mean by this is considering how much your down payment returns to your net worth (appreciation, loan paydown, tax benefits, AND rent avoidance).

We were left on read basically after payment.