Any complications if I split the loan by having Friend #1 loan only $70k, and Friend #2 loan the remaining $30k?

The flood zone designations are very complicated and reading through them will make your head spin.

@Jason Carter I do a lot of construction lending, as its complicated and most lenders don't want to mess with it :-)The simplest way to do this is to get the land free and clear.  

I met a whole group of people and it was twice as exhilarating to meet so many people.I also realized I had been over complicating things and that getting started was going to be significantly easier than I had expected from having read too much.While there someone mentioned a strategy I hadn't seen before - Giving multiple offers to the same seller.

Conforming bedroom in a basement -1) Proper ceiling height- varies around the country, usually between 6'-10" to more common 7', and this can get complicated if there are any soffited areas of the bedroom ceiling2) Closet- even a minimum size on this, usually 22" deep3) Proper electrical, proper heating requirements - must have a light and a switch located at the entrance, must be able to be heated4) Minimum square footage size of the room, usually 70 sq feet5) Egress - varies wildly in cost due to conditions, half below ground basement, fully below ground, walk out, set backs etc...Like Bill said - consult the local building dept, the codes for egress window wells are super strict, very detailed and can be confusing, they can get very picky, right down to if it needs a ladder the distance the ladder can stick out from the window well wall and then the clearance in front of the ladder to the window.Be very careful talking to anyone about egress windows with wells, this is one of the most screwed up things we continually hear about, and very expensive to fix if done incorrectly

You essentially have bad credit, title complications and a past short sale.

It's been an exhilarating, creative, and fun experience and at the same time stressful and complicated at times.

I think that you're probably right about building being maybe too complicated for the first one.

Terms on commercial can be about the same as residential, 3-5 year balloons, it's more complicated to underwrite and set up the financing strategy.I don't really agree with Tim's assessment overall, but it certainly depends on the type of property, the buyer and alternative financing sources.One issue that is common is the lack of management abilities of a buyer, when you have a business manager type, like a C-store manager trying to buy out the owner, there are many areas of ownership that are beyond the expertise of a store manager and they usually are weak on the down payment side as well.

You and your mom would get money out of the deal and could move on to another life stage without the complications of the house/dad dynamic.