Talk to the tenant and see what lease term they are interested in.

Ensure it meets safety and zoning requirements before using it as your primary residence to avoid violating any laws or terms of your owner-occupied loan. 

The tenants may be picky too because blinds can a little long for the window if you don't have standard size windows. 

Construction loans are short-term, covering your building costs for up to a year.

@Gaya Ben Simon, a quick gauge I use for contractors is their payment terms.

Real estate investments, when managed wisely, can provide a steady income stream through rental properties, potential tax advantages, and the possibility of significant appreciation in value.To maximize your success, it's essential to conduct thorough research, understand the local market, and seek advice from experienced professionals.

As the title suggests, has anyone ever had luck in tapping into a network of potential investors/friends & family money for their first investment property? I am looking to start small either in commercial or resi...

The only contact information I had left was Terrance Burner's and when I reached out to him, it started a month's long conversation of me basically begging him to do what they said they would do.

Established developers with a history of successful projects are generally safer bets. 

I would also recommend doing a balloon payment sometime from 2-5 years of executing the deal so you don't have the service the loan for a long time.