Do this again 12 months later.  

This could make the policy invalid if the info surfaces later (during claim investigation). 

The seller initially balked. a few months later after the house sat on the market I resubmitted my offer and the seller accepted.

If the HOA went along it means they did not read it and will give you grief later. 2 years would be too long for me.

We'll worry about phase 2 & 3 (the remaining units) later on- Phase 1 is site development (horizontal construction) for the whole project, and a structure that will contain 10 of the units - Horizontal construction costs: approx $225k- Vertical construction costs: approx: $210k/unit- Assuming loan will be structured between an advance against land for the horizontal and a construction holdback for the rest of phase 1What would likely be the loan amount, term, and pricing (rate, points, fees)  for phase 1?

We'll worry about phase 2 & 3 (the remaining units) later on- Phase 1 is site development (horizontal construction) for the whole project, and a structure that will contain 10 of the units - Horizontal construction costs: approx $225k- Vertical construction costs: approx: $210k/unit- Assuming loan will be structured between an advance against land for the horizontal and a construction holdback for the rest of phase 1What would likely be the loan amount, term, and pricing (rate, points, fees) for phase 1?

We'll worry about phase 2 & 3 (the remaining units) later on- Phase 1 is site development (horizontal construction) for the whole project, and a structure that will contain 10 of the units - Horizontal construction costs: approx $225k- Vertical construction costs: approx: $210k/unit- Assuming loan will be structured between an advance against land for the horizontal and a construction holdback for the rest of phase 1What would likely be the loan amount, term, and pricing (rate, points, fees) for phase 1?

Now for me i prefer to have the other tenant in anyway because sooner or later she will be gone and i don't want to look for another tenant 3 months from now again.

You can divide it percentage wise later.   

I sold the house for a nice profit a few years later when I got stationed in Virginia.