To anyone who might be interested, I would like to extend an open invitation to meet up and further discuss matters, and/or anything pertaining to real estate.Thank you for your time,Andrew

We are concerned about property taxes so need to find something that won't blow up the property tax bill assuming house prices continue to rise 20-25% per year for next 5 years. 

Construction cost is a major concern as you pointed out.

These lenders close faster, less docs/headaches [usually] and are where many investors prefer to go.To take it up a notch, if Cash-Flow is your primary concern and the name of the game, then there are also options for Interest-Only, through a 'Hybrid' term product.

Are there concerns with renting out the unit as a 3rd bonus unit?

That way, no concerns about out of province management.

I've also got a buddy that's a commercial lender that's advised me that he'd be able to finance 80% of any deals that I'm interested in (depending on the strength deal obviously).My question really pertains to that remaining 20%. 

If liabilities are concerns please talk to your attorney. 

However, my wife seems nervous a little bit to have a lawyer as a tenant, concerning their may abuse their professional advantage, victimizing the landlord and leading us to a possible vulnerable situation, as they may pick up on any tiny issue to make a big deal.

One concern is overpaying in this market and hurting cashflow which may be skimpy first 6-12 months.