Once the project is complete, you determine market rate and buy out their share.Let's say it cost $60,000 to build the house and it is appraised for $120,000 after you are done (not including the land, which you already own).

Not bc of their cost basis (bc that's their issue) but moreso do to the fact that they could get jammed up on their equipment rental, which could impact the project, ultimately costing the developer.

My land is also buildable and I have plans from an architect for a 3 bd/2 ba home which would cost 300k to build (it's in CA) and is in an excellent STR location...but I'd need a construction loan to build it.

I added $20k to that to be safe and estimated $100k.I started at $330k and took off the $100k rehab and $10k carrying costs (interest only LOC and taxes, insurance, etc.)

My rough estimate is $3k negative.It happens San Diego YOY price increase of 9% should be enough to barely cover selling costs.  

They charge 1% in the form of a closing cost to the buyer.

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@Jose Jacob Does this 1% here mean the percentage of the total cost (buying price + renovation).I see a lot of 90K houses but they might need another 40K in renovation.

And you need a trustworthy cost segregation provider.With permission from my client, I am sharing a story how a very well known cost segregation provider recently destroyed that trust.My client bought a multifamily property and did extensive renovations to it.