Seems fair.   

Also being ethical and fair, its the only way to stay in business.

I have a fairly specific demographic in mind going in.  

Currently I do not have the best credit (fair) and not so much extra cash.

I am in the same field, and I got into real estate and think it works fairly well with education (if your job has some flexibility like mine)...I can recall spending like a hundred grueling hours fighting over half someone's deposit in the legal aid office and stalling the eviction an extra week or two on  technicalities (a noble cause for sure), but they still, of course, were evicted eventually with no money.

If you buy at the right time and in the right location, you could get yourself a bargain deal that will increase in value as your neighborhood improves.

I am looking for a good construction lawyer to help draft a contract between me, my partner who is also the owner of the builder we are using so that it represents all of our rights in the fair way.

I'm fairly certain they were just overwhelmed and started to ball park the projects.

Your note will usually be a balloon 5-, 7-, and 10-year terms are fairly common.  30-year amortization isn't as common.  

I haven't done any serious calculations with this, but it would take a fair amount of time to save enough for 20% if I were to go conventional on primary residence.Any insight is greatly appreciated.