Also I know that some lenders have an issue with making loans if there are more than 2 layers of roofing over the deck- this would make you have 2 layers if you do not remove the shingles.

Acquire the land through a seller-financed deal for the deed to the land and use it for collateral to cover the 20% down payment needed for the construction loan.

I had a great lender who was able to brainstorm options with me being newly self employed to get me a DSCR loan.

I have a partner that has the money to finance it with a really good credit for a loan.

I am a first time real estate investor looking the following property : https://www.redfin.com/OR/Forest-Grove/2418-Cedar-Cir-97116/...its a pretty large duplex in Forest Grove OR,  the trick is though, its on a lot zoned for a 4 plex so I am lookinginto house hacking, converting into a triplex, then living in one unit while renting out the remaining two unitsThe left garage has been converted to living space, with a living room, half bath, a laundry room with a sink and some counters/cupboards and a bedroom, it is a part of what was an existing 3bd unitIf I were to acquire the asset, I would first attempt to convert that space into its own unit The line items as I see (be in mind, I am totally new to this) would be to >put up dry wall where the door to the rest of the house is,>add a shower to the half bathroom >install a water heater in the adjacent 3bd unit> install a kitchen in the laundry room, (stove , oven , sink, counter space)>add a shower to the half bath Assuming I can convert it to a 3plex, I could at-least cash flow on my investment after I leave My plan would be to put minimum down payment of 3.5% (FHA loan) that way I can have a decent amount of capital free to do the renovationsThe only concern is when I crunch the numbers to get my ROI, I have no idea how much its going to cost to convert the additional living space to a third unitAny experienced investors here know how I can estimate this before I try to make an offer?

This sounds more like a personal loan, or if this is legit they might charge you a ridiculous interest rate.No closing costs?

I mean I passed the national and state test and I have never in my life done a conventional residential loan..

@Kyle Crouch, because you already own the land you cannot exchange for any subsequent improvements on that land.You could exchange into a new build where a builder owns a lot and is building a house on it. 

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Tenant improvements can be very expensive to put in.