Although from lenders perspective if you have done handful of successful rehabs, you should already have a pretty good understanding of the process, and can have an easier time to obtain a construction loan.Also Development (building multiple houses at the same time) will require additional skillset vs one house at a time.   

I'll throw it out there as an option, knowing that no one is really going to take it.Your proposed transaction is low leverage, so very good terms should be available, but FDRs New Deal in the 1930s (which created the kid-friendly home loan ecosystem -- home loans commonly had 10 year balloon payments before that, even if you put 50% down) was only for homes, not for CRE.

Also I made a considerable amount of updates to the houses (it’s two houses on one lot kinda property).

One of the letters I (unknowingly) wrote was to my cousin's wife.

I have one rental property - a house that I used to live in for 5 years.

The one place that still imo offers a good combo of being nice, being affordable and having a little upside left imo is the eastern shore of Md, I just bought a flip down there (though it’s pretty hard if not impossible to find great value add even there) but it’s affordable, growing (a lot of people coming from dc, New York, Philly area.) but still not really a big enough market that any major operators are out there yet. 

I could go on but ultimately it very nearly cost me one of my oldest friendships.

One other possibility- depending on the seller's situation, maybe they could carry a note for you in the short term with a balloon in six months? 

I suspect an Bk attorney would advise you that you don't qualify for a BK.I suggest you consult with a very good real property attorney, preferably one who practices in the area the property, or better yet the foreclosure Trustee is located. 

In my county it's a one page form, takes about 2 minutes to fill out and they charge $15.However, limiting your liability is much more complicated than simply dumping a property in to an LLC.