I just did a complete whole house Hi Effic Furnace & central air for $4500 with all permits etc.

It's a duplex (3/2, 2/1) that needs a complete cosmetic overhaul + HVAC, but has a lot of character (exposed brick, large deck, unique rooms, etc.). 

She now wants to do a complete gut job or even tear it down and rebuild it into a 3-family house.

Must be flexible to do what ever needed ... and must be reliable and able to complete task from start to finish.

@Heath Ryans I understand completely, alot of traditional ways of doing business don't sit right with me.

I dabbled around because by this point i was completely hooked into real estate and was exploring other options.

I was told it would take around 6 months to complete a simple subdivision at the time.Go for it and let us know how it goes. 

Would you say that that area is good for buy and hold out a market to avoid completely?

If your in the loan for 6 months my back of the napkin numbers are 9 grand for the cost of money alone (points, 1k fees, interest) 12 months puts you at 13 or 14k.Make sure you understand any fees associated with the draw process, a HML will disburse funds to you as you complete rehab, sometimes this incurs fees.This deal may be viable but the costs add up fast.

Found a house that looks like it needs to be completely reconstructed.