We both utilized our saved funds and favorable construction loans from a local community lender and closed on these properties in 2015.

I guess I see construction sides everywhere :).

It requires a whole basket of skills and you have to be good at all of them including knowing your market really well, marketing skills (and significant funds), negotiation skills, understanding investment strategies and what makes an attractive deal, estimating rehab and construction expenses, estimating after repair values accurately and networking - to name a few.

I am managing a a construction project out on 17th St and the guys out there told me there were gunshots out there yesterday.  

All investors leave 10% in their rehab budget for fudge factor to account for unbudgeted projects.I know several BP people that used credit cards to fund the rehab part of their investment so they were able to pay that back in a short time, but to fund the entire project on credit cards for flips is risky on top of flipping (which itself is a risky undertaking to ensure you plan properly to ensure you profit on the sale).

Any construction advice would be appreciated.

Folks,It is possible to build a Passivhaus compliant home (energy consumption <=15kWh/m^2 per annum) using off the shelf materials with a marginal increase in construction costs (~10-15% ... less as the workforce becomes more skilled).Primary heating and cooling of such a home can be accomplished via the ERV/HRV system with a small auxiliary heating source (there's a house here that has a 1500w auxiliary coil to provide additional heat to the fresh air supply during the coldest part of winter ... that's essentially replacing your furnace with a hair dryer).Even a near-Passivhaus construction (or retrofit) can lower energy costs 70% or more in comparison to the conventional (or even R2000) house being built in Canada these days.  

If they say the numbers won't work, that's your opening to ask if you could help out for experience; if they ignore you or don't offer anything constructive, you know it's a dead end without having asked for a handout.

I am considering buying a new construction in Montgomery, TX as a rental property.

I have years of construction and house renovation experience which is nice because it makes estimating home rehab costs a whole lot easier.