Yes definitely can do this . would be 50% down on the purchase and you'd get 100% of construction . no income no doc 

Do I have multiple exit strategies or avenues to generate income?

For steady income, Cleveland's a great choice with good cash flow potential.

and also do i have to put up any capital or when the title is handed over can i pay back the owner from the income of the property?

Learning from others' experiences and perspectives can provide valuable insights and help you make informed decisions.Have a Plan: Define your investment goals, whether it's building passive income, achieving financial independence, or growing your wealth over time.

These are generally 12-24 month interest only loans that borrowers will generally pay back by selling or flipping to long term financing like DSCR loans.More on DSCR loans:DSCR loans won't use your income to underwrite the loan.DSCR loans are based off of down payment, credit score and either actual or market rents so it helps to supercharge an investor's real estate goals and net worth.Here's a bit more in detail about how rates are calculated for DSCR loans:1.

These are generally 12-24 month interest only loans that borrowers will generally pay back by selling or flipping to long term financing like DSCR loans.More on DSCR loans:DSCR loans won't use your income to underwrite the loan.

Its already bringing in quite a high rental income in Lincoln Park, so I dont think MTR would bring in so much more.

Higher income or credit requirements?

There also is a lot more than just a promissory note and deed/mortgage to be drafted up so you might want to pick up a copy of my book Lend to Live: Earn Hassle-Free Passive Income in Real Estate with Private Money Lending available on BiggerPockets.