Anyone have a experience with insurers in this area and/or for this amount? 

As a real estate investor, I would like to learn how to properly put together a private syndication from an attorney with experience in this field.

Does anyone have experience building spec houses in/around Rochester?

I've had nothing but bad experiences with South State bank.

However, I would like to gain some practical experience in the world of Notes as well.

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

What is the value add to the builder for his time, management, experience, subs, etc.?  

You don't need to know everything to get started; you need a foundation to build on and the rest will come through experience and then refining your education.You can build a basic understanding of investing in 3-6 months.

However, I would like to gain some practical experience in the world of Notes as well.  

Ask how many units they manage and how much experience they have.