I would not recommend this for a first timer unless you have construction experience and prior experience with a local Architect to assist.       

The process of sharing other contractor's bids in order to negotiate a lower number is called 'bid shopping', which is generally frowned upon and considered unethical in the Construction industry.I understand you want to get the best deal and make the most money on your projects, but Contractors are the lifeblood of a rehabbing business and your Contractors need to make money too!

Its sitting on a 4,356 sqft lot, hoping to construct a two story townhouse style duplex.

they all have a great pitch with glowing reviews and often the deals look good on paper and Often Turnkeys are so sanitized that there is little to no meat left on the bone .

Also, some SBA lenders allow for ground up construction if you wanted to pick out a lot and build on it. 

This would be a great opportunity for my wife but after listening to this week's webinar on evaluating and purchasing rentals (plus running numbers on the BP rental calculator) I don't know if he can get decent returns on new construction (which he is adamant that he wants new construction for some reason).  

The lender will look at how the ground lease is constructed and the value of it with a tenant guarantee for the length of the payments.A ground lease with 25 years primary term and annual rental increases can be seen as more valuable then a ground lease of 25 years but 5 or 10 years primary then option periods.

People are buying the units before the buildings are constructed. 

I have been looking at some areas in east Atlanta where a house in decent shape is about 250k but surrounding areas have 300s (rehabbed) and 400s (new construction).

I've been infatuated with analyzing rental deals for quite some time, but I figured it was time to throw together an analysis tonight to hopefully gain some insights and constructive feedback from some of the investor gurus out there!