Adding to Deborah's list - a person who evaluates and analysis your books on a monthly basis and bluntly asks questions rather than sugar coating it. that is what offer as QuickBooks consultant. 

That will help you evaluate what area is best for you.

--I want to purchase, rehab, cash her out and hold the 3-unit but I need assistance with the process because I don't have much time to monitor progress.

I have about a half dozen streams either started or progressing toward the finish.  

For that, I would need an attorney to write and evaluate those texts to make sure they are compliants with Kentucky Law.

Since you asked if you should change your approach, and you're obviously able to evaluate and analyze a potential deal, consider adding off-market deals to your acquisition strategy. 

Just check in on bp when you are close so these pros can help evaluate and you will be fine.

Until then, evaluate each deal on its own merits. :)  

@Sean Brooks I win either way, you are absolutely correct.I'll let you all know how this progresses!

There is the possibility of (much) bigger holding cost, and the opportunity cost of deploying the money in better ROI projects.But if OP has many rehab projects under his belt, new construction is the natural progression.