By "partial" I mean renovating the kitchen and bathroom, painting the place, re-tiling the floor and maybe adding some smaller features that can make a difference to prospective buyers, such as new A/C units, new internal doors, or maybe even sell the place furnished (home staging is not really an option here); with no or minimal demolition, and hopefully without electricity or plumbing issues.

The land is currently  pretty much all. jungle would a 2 bedroom home be the best option or would you guys try to build 1 bedrooms 

The down payment option + traditional will most likely be lower.

From what I was told by a Chase lender, most institutions use the same underwriters, who implement this 2 year requirement.I understand that private lending could be an option, however, I'm not sure who would lend to me with favorable terms based on my lack of real estate experience.

What are other options?

I am curious how you landed on Michael Blank's vs all the other options?

But I'm open to other options.

Our goal is to me a more accessible luxury option for couples and families.  

Above and beyond the best first option would be to house hack, especially if you can do a house hack/STR in the DC area. 

What I do know is there are plenty of other markets in the Midwest (I have 9 doors across Memphis and Detroit) that will cash flow immediately and based on the data I'm seeing, has appreciated more than areas like LA/Seattle/Bay Area in the last 5 years.You also bring up airbnb which is a viable option to cash flow.