But your mortgage will stay the same.

Satellite Beach proper does not.

At this point i believe I will be the financial part of the deal, I will handle the DP and the mortgage/HML, he would handle the build (his fee is about 40K) and he has a rental management company as well, and they charge 25% management fee.Just for reference, I am a 60-year-old woman.

The rents will cover the home mortgage and the car payment. 

Last three years I have exclusively invested in debt funds as I did not trust the experience of some of the other sponsors.Integrity Mortgage Note Fund - Jamie Bateman7e Investments - that is mine which I of course invested in. 

It's like making a deal directly with the seller instead of going for a regular mortgage.

My wife is interested in assuming her mom‘s mortgage.

The HML i have spoken with are ok with my living in one side as long i roll it over into a normal mortgage and pay them back for the initial loan once construction is complete.

@Jimmy Rojas..Full disclosure, I'm a mortgage broker in CA + AZ. 

First $1,600 for origination fees, then $3,200 for MIP (Mortgage Insurance Premium), then $1,600 for mortgage security instrument, then he sent me an approved wire transfer from some fake Chase bank with the loan amount to be wire  transferred to my account.