Overall, I do not feel good about the situation.

Lots of good solid info sprinkled in over the 100+ posts!

Most lending is based on cashflow, not the 2% rule (although still a good rule of thumb for some types of investments), might have the most help from the group if you provided some of those details here just so it'd be easier for us to help you best. 

So are you looking for a lender to refinance out of the owner financed note, or are you looking for a lender who will lend your downpayment behind the owner financing?

It gives you one property that can potentially pay for itself while putting a roof over your head and giving you experience as a hands-on landlord.

Is this a good deal relative to the area?

Hi Gina,After managing hundreds of properties and working with investors for over 20 years, I can definitely appreciate your background and the systems you’ve built—especially having three contractor teams ready to go.

However, with a DSCR loan that's amortized over a longer term, a wrap may be possible. 

Lenders typically require a resume for the GC involved in the borrower's project to assess their qualifications.When it comes to a GC getting funding for their own projects, while some lenders will take your experience as a GC or builder into consideration, most primarily look at your track record as a borrower on title when determining approval and pricing.That said, if a lender deems your experience sufficient, they may allow you to act as the primary GC on your own project instead of requiring you to hire a more experienced GC. 

I have had a ton of clients make a lot of money here in the Chicago area over the years.