Thanks  I'm assuming thus was an owner occupant loan since you received a grant.

I charge a depreciated value for materials (see Greg's post) plus the full cost of labor.

Proof of Funds (PoF), Conditional Loan Agreements (CLA), Letter of Intent (LOI) are all attempts to show that some kind of financing has been investigated and is feasible, that's all. 

Or do I just use the remaining balance of the loan?

So it may be better to let someone else do the heavy lifting and take most of the risk (i.e. they be the sole guarantor on a construction loan, etc).

They can do around %8 on the loan.

Also another option could be a DSCR loan as well.

I was planning to use the FHA 203K loan for Acquisition with Exit strategy for flip or Rent and Refinance. 

When you graduate, fill your space with another student and then buy another house hack while you get started in the business world.Yes, you should work the "boring 9-5" to generate income and qualify for loans.

when you buy subto you are taking title and like you point out getting second position money for the downpayment or equtiy .. ( entry fee new term kind of funny but I am guessing thats a Pace ism. )I agree with you these folks need partners not loans.