I am an experienced real estate agent/investor based out of Columbus, OH, but spend part of my time at a family house in Ellicottville, NY.

Unless this is an opportunity where you are going to come out with a robust knowledge base and the investor will be a complete open bookd i don't see why you would do this.

Especially those that are not as close with us in our personal lives and are based in distant states. 

Based on your post, I would say you would be looking for a DSCR cash-out refinance and then use that to contract a builder. 

From what I've notice is that most of the gulf front investments are appreciation based with break even or lower net profit on cashflow.

And don't pay them based on percentage work done.  

Even facebook will have several "Michigan" or "Detroit" based real estate investor groups.  

I have regretted every single sale we have done.Learn more about your local rental market and the specific houses you are competing with.Put together some long term models, 10-15-20 years and consider appreciation, rent increases etc. and make your decision based on an objective analysis of your overall financial condition over that time.You will probably see pay increases over time, your primary will get easier to pay for and in a few years you will really appreciate the growing margin between income and expenses by keeping the rental.

You have a couple of options to pull your cash back out of a property...delayed financing can be done immediately, LTV will be based on purchase price.

I'm talking about when you die, vesting in Living Trust allows stepped up basis to heirs based on the current value and you sell- this is about INCOME tax not property tax