I think the question that bases the shape of this argument is, how old are you? 

A DSCR loan (Debt Service Coverage Ratio) type loan would look at the rental income and expenses and determine the amount it could lend based on that.

Best to consult your CPA for the most relevant advice based on your state's regulations and tax implications.

It all depends upon the total cost of construction, based on that your monthly fixed cost/mortgage will come into picture.You cannot rent too far from market rate, essentially you should have some spread between mortgage(construction cost) and rent to cover for cashflow, vacancy etc.I would suggest you to keep the selling it out as your second exit strategy if renting is your first one. in that case your construction cost + selling cost cannot be more than market price of new construction.You can also try to reach out to developers to give them a piece of the pie but then you will have to sell for sure.

I already have income and expense tracking templates but everything is based on either purchase prices for comparison reasons or record keeping.

Do the math to find out what their usage was and bill them based on that.

I've had occasion when a buyer wanted to use their attorney to close and we had to jump through some extra hoops we hadn't had to before.

Here are the numbers (rounded up):- Original purchase price ~ $180K- Current value ~$230K- Remaining balance ~ $140K- Mortgage payment + HOA ~ $1,300- Current rent = $1,700To calculate ROI at the current time should I base it on the initial investment amount (downpayment) or the current equity position?

We would be pulling out a HELOAN in order to get into the next house, but I am currently debating, if we should make the jump on a home now and refi in a year or two?

I wish you the bast and congrats on jumping in.