Building a 4,000-square-foot, three-story duplex with a 1,000-square-foot ADU could cost about $1.83 million, including construction and permits (excluding land).

Yep, off water, but with nearby water access and view seems to be the same ROI considering the cost of the property. 

For a 30 year Conventional loan, I'm at 6.5% rate (6.808% APR) for a duplex, 95% LTV, 780+ FICO, owner occupant.And I'm assuming they're paying $2k of your closing costs - not your down payment.

That way the lender has an idea what it is you are doing and cost.

Sure don't do the renovation, I only do renovations that project a return of 2x the cost of the renovation.

If the raw land is worth $1.4M–$2.03M as you mentioned, you’ll want to make sure there’s enough spread for an investor to feel comfortable, especially if they’ll need to front construction costs.

It will be a 5/1 ARM though.If you want to lock in a 30 yr, but with a little higher costs, I've used LimaOne and Visio in this area. 

Thus, when a foreclosure sale is held, you can set the bid amount up to the amount of the total debt, which would likely increase from 80K to include the legal fees, receivership costs(we suggest 5 - 10% of the rents collected), repair costs, additional accrued interest, minus rents collected.

Not only is it a costly and hasselsome process to establish such, but at end it's an association of 4. 

Some even offer preferred interest rates as low as 5.75% at no cost to you.