I can get $7000 rental income per month total.

So if we go w/ the $700K purchase price of the new rental (paid in cash from the proceeds), that leaves them w/ $300K to pay capital gain on, @15%, totaling $45K. 

At the very least you'll always know where you stand in any given situation, something few investors are secure about.  

I liked the tenant, school is starting back etc, I told them they could pay first month and security deposit and I would let them have the rest of August for free.

For a 90-unit project, this could result in a tax credit of $180,000, and for a 112-unit project, the tax credit could total $224,000.

What strategies do you recommend for securing hard money loans for spec builds?

Quote from @Ryan Brown: Quote from @Mohammed Rahman: Hey, I totally get where you're coming from.

Quote from @Diandre Pierce: I have 7 rentals with a total available equity of roughly 800K.

can totally enhance a working relationship. 

GC in my area cost 10% of the total and I would say that is worth it for what they provide, but if you have the knowledge and willingness to be on the phone with subs (and spend a lot of time on site) you could save that by DIYing it.