Looking for advice on ways to structure this type of arrangement with my parents (examples being I could put the property under an LLC and have them be my “tenants” or I could take a home equity loan without having to sell the home) or any other type of scenarios that could be mutually beneficial. 

Since the funds in the account is not enough to cover the construction cost, we are looking at best option to structure the deal. 

There are a myriad of ways to structure acquisitions, only limited by your creativity. 

30 -45 days ( time it takes for a underwriter to structure and process your new application) after closing provided you have enough equity at the time of closing. 

Do you have a Realtor that works with a competent lender that can help you structure the deal?

Can officially structure the funds used to purchase the property as a loan by creating a new LLC to make the loan to the property LLC?  

When it comes to driving for dollars, how do you recommend I structure my drive?

I don't mean in SE MI where I am at, I just mean they change fee structure market to market all the time. 

We'll worry about phase 2 & 3 (the remaining units) later on- Phase 1 is site development (horizontal construction) for the whole project, and a structure that will contain 10 of the units - Horizontal construction costs: approx $225k- Vertical construction costs: approx: $210k/unit- Assuming loan will be structured between an advance against land for the horizontal and a construction holdback for the rest of phase 1What would likely be the loan amount, term, and pricing (rate, points, fees)  for phase 1?

We'll worry about phase 2 & 3 (the remaining units) later on- Phase 1 is site development (horizontal construction) for the whole project, and a structure that will contain 10 of the units - Horizontal construction costs: approx $225k- Vertical construction costs: approx: $210k/unit- Assuming loan will be structured between an advance against land for the horizontal and a construction holdback for the rest of phase 1What would likely be the loan amount, term, and pricing (rate, points, fees) for phase 1?