I have architectural drawings obtained by the current seller as well as a zoning determination letter saying there are no zoning violations at the property and it is considered in compliance with the Zoning Ordinance and the described uses are "permitted by right uses".  

First you hire an engineer to draw up some plans, then the county approves you for less units than the engineer planned for, then the city approves you for less units than the county approved you for, and then you can hire a contractor and start building.Meanwhile during that entire process, your attending meetings at the city/county where all your neighbors come to complain for various reasons why they don't want you to build there, further dragging out the process.

LOL.. so it can be luck of the draw sometimes... once we get this going it will be super profitable.. and I suppose the seller made a profit even after 10 years.. they may have paid next to nothing for the tax's on a bare lot in what was the HOOD  10 years ago.. and what is now some of the hottest real estate in the country.

Turns out an offer went in on this property, so we're back to the drawing board. 

I would go to a local REIA because your local investors will be able to key you in on the GCs they are using which will help narrow your search greatly.A contractor, depending on the job, will want to most likely be paid in "draws".

Phone calls/ texts go unreturned and the properties been sitting idle for months. 1st draw payments to the contractor partner didn't get used properly either. 

I draw permits, money is held back until their work passes inspection.

Once you have your goals set, draw out your plan and do it!

They will loan based on the property and you might get better terms if they are comfortable you know what you're doing (or more likely you will get worse terms if they think you're a total newbie).Depending on what you're doing you might get all the money at closing or you might get draws as you finish parts of your rehab.

My thought is get the next rental as it will draw more income then the two refinances will save me.