Ultimately, is this option feasible, I'm afraid it might get complicated, I am also unaware how the loans are structured in the first place and what sort of impact a partnership may have on a loan already in place with the installment of a 'future' partnership (likely we'd have to refinance?)

Local and state tax codes are far less complicated, and easier to research and don't play as significant of an impact into your business planning.

They are also a real pain to deal with and are complicated for a first timer.

It can be a very complicated world out there for turnkeys!

This is much more complicated and would need a lawyer to set up.

Once construction is completed, you will refinance with a conventional mortgage for the permanent financing.The fact that you have partners will complicate things for FHA and other mortgages.  

Surely I can't rent just to the insurance company; if I didn't get paid I suppose that would make it harder to evict the tenants.Despite these complications, I recognize that, if this and other insurance companies have a ready supply of clients with a need for temporary rentals of a few months, that could fit into my plans for this house, which my wife and I hope to use ourselves, but only in the summer.I'd appreciate some suggestions.

Are there upgrades that would help in easing some of the various "complications" that may arise while renting?

I know this is a complicated deal, I hope I clarified things.

Yeah that is quite a complicated one you have there.