From their perspective, for the same or slightly more money, ($130-$140's) they can build a new house to suit them, picking colors\appliances\floor plans\finishes etc, and be the first occupant.

There's no issue with a preferred return to investors from a lender's perspective.

I've read filing the exemption can be $10,000 and since this would be my first commercial deal (I'm planning on raising a couple hundred thousand dollars) the expense of filing is definitely a non-trivial sum...Any perspective would be greatly appreciated!

I've really grown to dislike LVP from an aesthetic perspective, but it's the clear winner over hardwoods from a durability perspective, especially for investment property.

There have been many great points made on this thread and I’ve appreciated the different viewpoints and perspectives.

I encourage you to think about this from that perspective.

I would say approach them first but then after that going to court might not be worth it from a time management perspective. 

I haven't had a chance to drive out there and get the lay of the land, but I'd love to hear your perspective.  

If you have a long-term perspective in real estate, I would dollar-cost average and continue to buy.

If I can give you one solid piece of advice, use your gut and do not be afraid to ask perspective tenant hard questions about there back ground and credit score.