They have degrees and interests in different segments of what I think are important facets of the real estate game, one will be graduating with a degree in construction management and the other in accounting.

. @ $700k with 5% down : you would need $35k : why $700k if this is listed for $600k Bc as an example: you could do a construction loan where you buy the home for $600k and use $100k for the ADU.

he pays the million for all construction costs. he takes home 67%.

So those were all on my Fico.. my Bank loans from my commercial banks dont show up IE: development loans  vertical construction loans..

Then the community can give you some more constructive comments you can take away and set some realistic goals for yourself. 

Looking for advice on how to get 50k for the initial construction of phase 1.

Plus you still have to actually underwrite the entire deal (purchase, construction, carry, etc to develop accurate CF/profit).

Question: When buying an old building (constructed in 1900 with an effective build year of 1960), what should I look out for and ask about? 

Purchase price: $215,000 Cash invested: $45,000 Long term new construction buy and hold.

I only hold decent properties in nice areas, modern construction, etc.