Many lenders require the funds to be used for business purpose.

@Ravi KaruturiRavi, a Project with a $10M “all in” cost will typically support a 70%-80% loan to cost (LTC).This means that you can borrow $7M-$8M which means that you will have to invest an equity infusion of $3M-$2M.More fundamentally, if you are asking a question like this, your priorities need adjusting.Raising capital from whomever, and especially from friends and family must come after you have acquired and can demonstrate the skills necessary to build a $10M ground up development.I believe that if you pursue a plan to raise the equity required that you will find it very difficult to secure bank debt without a track record and or the skills noted above.Feel free to reach out to me if you want to talk.

It would require tweaking but I suspect you could get close on a lot of it.......just something I have been thinking about for a while and a guy like you could probably create something pretty cool!!   

Unless the law or the lease requires the notice to be paper mailed, I don't see any way it would be ruled in your favor.

Regarding Mecklenburg (Charlotte) specifically, many HOAs have rental restrictions (such as a minimal lease requirement), which can make STR tricky. 

It's easy to obtain, costs very little, and doesn't require extra, on-going effort to maintain. 

what state is the property in and what is it.. is it 1 to 4 units.. the website shows no licenes so there are 12 or so states that licenses are required for 1 to 4 unit no matter owner occ or not.

They may also take into account the income potential of the 4plex once it is completed.It's important to speak with a lender who has experience with construction loans to fully understand the process and requirements.

Value adds (even sophisticated value adds) require effort.

I like walkable areas, so anything that requires full car use is Class B to C, to me, but others don't mind driving 20+ minutes for everything, so they think of those areas as A.