It's called the primary valuation date.

I plan on living in it 12-13 months, then converting it to a rental, and buying another primary residence.

A private lender might go for that, or even a bank if they were in first position.

Jay Hinrichs Same experience selling my primary residence in Denton Texas in June 2015.

What is the primary difference?

They are prevalent worldwide and are a primary instrument of finance.  

That is what I do with my SD IRA, I also am a managing partner of a fund which invests in notes and allows sophisticated and accredited investors to make double digit returns in a passive position.

The banks typically want to see some track record before letting you GC your own builds, especially since it is not your primary house (I know my bank does)Most builders only doing a few houses will be at a % agreement, and if you do get them to agree to a flat fee, they will likely just figure out the % of the build, and give you that number.Something to consider, if you dont have experience on builds, cost plus could really get you.  

The re-positioning plan will be specific to your strategy and property, particularly the pace that you want to realize the value for future deals and your debt structure.Regarding the test scenario, if it works, the $50-75/mo incremental increase will certainly justify the rehab cost you mentioned at most any market cap.  

My take is that if Patch of Land is strictly following their compliance obligations under the SEC and other State & Federal regulations, this should be taken as an extreme positive.