I look at each deal for the win/win test, as I am not out to loan money for a lousy deal and put the investor under a financial burden.

Hello, My name is Alessandro Coca, I plan to invest in Residential Real Estate.

This is basically a possible framework for my semi retirement.  5 year plan Assumptions-My own company is building everything (except electric) and cost savings can be opportunistic on overstocks, returns etc, but my cost assumptions don’t include any savings here.

Unless your friend plans to pay if they truly owe.  

I also received no scholarship or financial aid, and would be paying the full tuition each year. 

We lend at "the lesser of" cost vs As Completed Value, so we have you get your plans and specs together and then we give it to an appraiser that will appraise it "as completed".

Thanks James we plan to go with white or something that matches our theme and decor.  

So I plan to take the hard-line with them just as you laid out. 

Quote from @Neil Warren: what are your thoughts/experience with turnkey for startingIf it's your first investment property, turnkey is the preferred method to learn and not expose yourself to unnecessary financial strain. 

Things you want to consider would be what your long-term plans are with this property.