Refi'ing into a 15yr loan is likely to both increase your effective rate and crimp your future buying power by increasing your DTI. 

Howerver, I have resrvations about how this will impact the community's living standards as the development will immediately border some neighborhoods and could bring unwanted environmental impacts and noise. 

Now, they take the offer more seriously.You waiting can also have the opposite effect.

So, this point is effectively moot.

You’re effectively acting as the bank, so it’s crucial to vet your buyer thoroughly and possibly require a solid down payment.

When it comes to construction remotely, the challenege is how to verify and validate effectively of what the deliverable should be.

So, if the business shows more or less break even then that will flow through and that business would not effect you either way.

Which is more beneficial and cost effective.

I can only see the benefit of forming a self performing property management company if you believe you can be more effective on cost and service than the local 3rd property operators and even cost can be tricky to calculate because most focus on the management fee that's charged rather than the cost to put out fires when they do arise.

Neil  cool and what do you expect the effect for real estate investors in this market?