The payment you made to the program, which required half of the profits from the sale, is typically not considered a closing cost in the traditional sense.

I personally like new construction in the SE in markets like AL, SC, FL, TX, etc. where you will see strong cash flow and strong appreciation in both rents and market values. 

Hi dam,Yes, typically the downpayment, closing costs and holding costs are covered by the investor out of pocket.

Due to interest rates, building costs, leverage, distress, and maybe other factors, I predict there will be a pretty big gap in new construction multifamily starts for the next 3-4-5 years. 

Here are the main indices of Loan Underwriting (keeping it simply):As-Is ValueAfter Repair Value (ARV)Loan to As-Is Value (LTV)Loan to Cost to get to ARV (LTC)Types of Lenders: Conventional or Hard Money (there are others but let's keep it simple)Conventional Lenders will look at the AS-IS Value of the property and on Residential Properties will typically loan up to 80%LTV or up to 80% of the Purchase Price, whichever is lower.

We are not making money on the second home so we are planning on our first deal being funded by having a colleague co-sign on a construction loan and we would then pay him a percentage of the loan amount (not sale amount) when the house sells.

There's definitely a need in the market for what you seek and I concur with your findings of typical FAs  being comp-focused solely selling or managing paper securities, so basically worthless for your goals. 

A travel nurse, for example, would typically stay 90 nights on a single contract.

He’s been in the construction business for about 40 years now and knows everyone.

Send it today as Michigan statutes require a MINIMUM of 30 days notice that must cover at least one rental payment period (typically a calendar month), not any other 30-day period.