Taking advantage of Section 121 and getting as much free cap gains as possible would be my route (Option 3), but you'll likely hear different responses from different people. 

It charges prices I would never charge and people pay it! 

I know some experts on here expect a correction at some point, but with rental rates being near all-time highs, I think this makes the midwest extremely viable right now.Also, if you want to thing long, long term, check out some articles about climate refugee cities in the midwest and how they think they will be major factors as climate change gets worse and people start to leave areas negatively affected by climate change for a more stable climate.Truth!!

I hate people who lies and is not accountable.

I would tell people that if you are gonna spend !

I recommend you read some books about how to manage properties well, use a strong contract, know that contract inside/out, know your state law inside/out, build policies and procedures to catch and stop problems quickly, know how to screen and select good applicants, etc.An ounce of prevention is worth a pound of cure.

To help people in your position because it's 100% possible for anyone to become a developer, you just need the right resources and partners.  

I was more wondering how people are able to finance 100% of the deal so I could potentially start doing more at once / be able to tackle larger projects.

@Nathan FrostThe advantage - some will do 90% and 100% construction but recognize your signing a personal guarantee and will be paying 10-12%+ for interestBenefits of a private lender are speed to close, creativity in cross collateralizing etcThere are a lot of people on BP that think oh private lending is less strict than banks and easier to get.

i think that's 3 more than a lot of people make before they get frustrated and stop.so keep going.