Also, builders risk is a good option

You need to look at the "whole person" to make a decision.Even then, your review is determining a level of risk. I

I know they can be incredibly risky, but also a great tool if used correctly!

This is a risky proposition for the lender but I've seen it done. 

The risky BRRRRR process just got riskier secondary to an unprecedented time 

It's a little risky because I've been furloughed with the virus, but i was thinking of pulling a hard money loan ( refinancing after 6-12 months ) and getting the remaining 25% from a private lender. this is my first real estate investment. is my strategy logical ?

Is it too risky to put tenants in there?

If you try to cash-out too early it could be risky.

Not to mention we'd have to get approved for 700K+ properties which I feel is quite risky for a first property. 

Small banks will see that 100k a month profit isn't something that is risky.