Quote from @Jordan Kaylor: What is a “seasoning requirement”?  

That being said, there won't be any down payment required since you have equity (you're guessing ~55,000 but I wasn't sure if you were meaning the property is ballpark worth ~$175,000, or more than that). 

thanks for the guidance @Kaushik Sarkar Since it's development it will take longer to get to the exit. 3 years could be right depending on the market, if the project requires entitlements, how long it takes for permits, no major utility obstacles, etc.

Originally posted by @Jack Grove:@Okansa Patrick Were you required to utilize a hard money lender when dealing with New Western?

@Brady Bitter these funds have margin requirements. 

LIHTC properties can have requirements that stay with the property for up to 15 years.

How do you think the 2 relatives will feel about having their rent raised or being required to pay rent period?

But It requires an endorsement.

It depends on the rental income, what you plan on putting down (20-25% is typical, 15% or 25% is required for conventional depending on # of units) For your owner occupied deal, you should be able to use a portion of the rental income to qualify and help offset your DTI a bit. 

Capex-  make a list of all upgrades required.