One year is a blip for an RE purchase.  

Is it feasible to obtain a loan or a good old boy agreement where a lender offers 100% financing for both the purchase price and construction costs at hard money rates, secured by a second position on the borrower's other properties?

With an FHA loan, you are not going to be bringing hardly any capital to closing (compared to a conventional 4-fam purchase with 25% down).   

You could do delayed purchase financing, this would allow you to refi without the seasoning but you would only be able to pull out 80% of what you paid + 80% of your completed rehab.

We did purchase a SFH to live in as we have grown our family so we would no longer be house hacking.

Im in the process of purchasing a brick 2 unit from them.

.- Adjusted Purchase Price/ Max Bid: $210,840.80- I start with the 1% rule (thus why I start the analysis by looking at rent) and then adjust the price based on the potential pay-out from a cash-out refi and equity position on the property- more on this in a second. - Potential Investor payout (15%): $242,466 - Rehab total: $76,480.00- I just used $40/ sqft for an estimate.

If you're looking for somewhere fairly safe and consistent to store cash, land purchases in this area could be a good option.

. - $50k is going to be really tight. 20-25% down on a property is not $40k on a 200k purchase.

So for example, if the lease does not mention the back stairway at all, and someone tripped and was seriously injured on the back stairway, the Tenant or the injured party would have a much easier time blaming the landlord.