If you skip using a new loan, you avoid the costs of origination and high interest rates, It works well for our clients in Phoenix and in CA. 

Also a seller concession is a good tool to reduce closing costs and carrying more than necessary on the primary. 

Your gain / income on the sale would beSales price less cost to purchase the lane, less the cost to build the property, less improvements less costs to sell plus the depreciation taken on the property.Whether the gain is ordinary or capital will depend on whether you are classified as a dealer.

Specifically, I am looking to track the projected rehab cost of each unit, cash flow from rented units, first lien costs, general partners and limited partner returns.

I am aware of the inspection & appraisal costs, points & interest, that's not what I have a problem with.  

Keep in mind, taxes and insurance costs in California are higher than a lot of areas.

Does your end buyer often cover the closing costs and attorney's fee or is this something you take out of your profit on the deal?

I have personally not worked on any of these but it does not seem to be anything too crazy.It's an FHA Loan that can be combined with other FHA products like a 203k.I am a Loan Officer for "Correspondent Lender" so I can operate under the rules of over 100 lenders...I would be able to place this in a few hours with 1 email...We would just have to make sure all the boxes are checked...Energy Efficient Improvements Must Be Cost-EffectiveThe financed portion of an Energy Package must be cost-effective.

One area that has caught my attention is the Pigeon Forge/Gatlinburg TN area - seems like there is a good rental income to acquisition cost ratio.  

The negative is that the title ins can cost 3-4x or more than what traditional title ins will cost.