That's why we are concerned...it seems like someone in these areas without state code adoption can just build a home as a homeowner, cut the corners of insurance/licensing by doing the work themselves, not have most of that work inspected, then turn around and sell as new construction instead of previously owned. 

In my state that would be an expensive change as I would be paying state transfer tax on the move along with other costs plus I would need to consider whether I wanted to buy title insurance on the property for the new LLC.

We expect to have holding costs of $15k to get through the off season and the condo is pretty updated so we would only be spending $10k in renovations (updating the bathroom and then finishes in the remaining rooms).

our build cost probably are close to maybe even less than some areas of the mid west ?? 

That's three months of mortgage and utilities, the cost of flooring, and the cost of painting.

Estimating cost for streets and utilities is just a piece of the puzzle, and likely easier, although more expensive.

I know cost is a factor but think about overall functionality and does it do the 7-10 things you really need? 

Eg if owning a house for the mortgage, insurance and taxes alone would cost you over $3000 a month (mortgage alone on a 25 year amortization for $500K is $3000 a month, goes down to $2700 on a 30 yr mortgage). 

@Wayne Kennoff- thanks   1) getting a personal referral is a good place to start 2) if you have narrowed down the options to a few -  contact both on the same  days and ask them for whatever  quotes  for your scenario ...ask for a loan cost worksheet  if  possible .  ...if their pricing ends up being  the same - make a decsion based on the  feel  for  cutoner  service you get when communicating with them.   3)  make sure they  disclose all the fees  related to the  refinance  ( not just their  own fees ) ..4)  reviews are   hard to  use to make a decision ( as you found out ) 5) rates are pretty high right now for rental  properties ....if you can wait to  refinance - you might consider doing so ...if you need to refinance - so be it ...Good luck 

Zillow can help you screen tenants for free ensure prospective tenants have;(A) Decent credit (Don't expect an 800-credit score from someone renting a room)(B) 3x or more in income than the monthly rent cost.