I should also note that the project would be ground up and the FHA loan would be a one-close construction to a permanent mortgage 

Your focus on the Dallas market and Fix and Flip projects sounds solid, especially with the DIY approach and having an interior designer on your team. 

Shed has collapsed roof.

A couple of Roof claims due to storm damage in Tucson, and we had several sub-to deals in Oklahoma when grapefruit size hail decimated a big section of the whole town. 

With your background as an electrician, contractor, and project manager, you have a unique advantage in real estate.

Investment Info:Office Space commercial investment investment. 100's of completed projects, JC Beal Construction is nearly 100 years in business, Beal Properties manages well over 2000 doors all throughout Michigan and the Toledo, OH area.

And while I agree that debt is often the cheapest form of capital, if you are looking at a project that involves some form of value-add business plan, you can always refi either when rates come down or you have increased the yield on the asset to exceed your interest rate.But like Stuart noted, for many groups, even the most seasoned syndicators, raising call cash for their deals is effectively impossible.  

Welcome to BP, I’m an agent here in the Phoenix/Scottsdale area and I work with a lot of investors on fix-and-flip projects, rental properties, and off-market deals.

We develop, build, and manage Class B multifamily projects (12-200 units), handing investors like you a turnkey deal: 8-12% cash-on-cash returns, low entry costs (way below Midwest urban averages), and no management hassles since we run the show.

If it is in a market where long term appreciation is expected, and conservative underwriting projects that the payment will likely be covered, then I think it is smart move.