Welcome, @Hector Peralta.As a nurse, I suspect that Sacramento will work out best for you, of those cities you listed.

I don't want to work out the maths, but I will say this.

I'm hoping to learn as much as I can and work out all the kinks in my strategy on this property.

You need to watch it and even pay attention to things under contract, they don't always work out for various reasons.  

As for limited funds, you could use that to market to find deals and wholesale or work out owner financing.

The numbers don't seem to work out when analyzing it as one deal. 

You would have to work out with the GC what you wanted to do yourself, and see if that works for both of you.Here is the Florida statue that discusses the GC requirements. http://www.flsenate.gov/Laws/Statutes/2010/489.103As for the drawings, have you thought about buying pre-made plans?

I hope things work out for you.

At the end of the day the investors on here are not writing you a check if it doesn't work out what they said as an investing idea. 

Owner financing would not meet his goal of closing next year but you could work out a monetary or housing concession for the delay.