I will note that some of the information on here will be different for you especially when it comes to loan products and requirements so that is something to keep in mind. 

If you took a $100,000 loan at a 8% interest rate, you would owe a total of $8,000 in interest.

New LLC will be buying a property with a commercial loan.

You might have several different loan options available to you depending on your needs (acquisition + rehab).

Acquire the land through a seller-financed deal for the deed to the land and use it for collateral to cover the 20% down payment needed for the construction loan. 

However, the other friend (who is a loan broker) said it's better to do a note, so that I can refinance as a rate change in 2 months.

I would also carry the loan and establishing a penalty for early payoff (how much penalty?) 

He will likely keep the larger of the two social security checks plus everything else that is stated in her trust.3) Keep in mind as you apply for loans, lenders will count this property towards your debt to income ratio.

Purchase price: $50,000 Cash invested: $16,000 Sale price: $127,000 Purchased with a 75% loan for cash flow.

I know they can be financed just like a stick built construction loan, however, my credit union is not doing construction loans right now and does not have a time frame for when they will (SECU).I want to use the land as down payment if possible and finance the modular and the site prep for it.Looking at getting a new modular duplex or a SFH.