Im planning on paying for it and having my attorney clear any adjustments I want to make to it.  

A HELOC cuts out the 3rd party and makes it easy to adjust terms personally as you go. 

One method used is a percentage of construction costs this percentage tends to range from around 4% all the way up to 15+% with the scale of the project inversely effecting the percentage used (bigger projects = lower percentage) after that baseline is established most folks will look back at how long it usually takes to do these projects as well as the client relationship and will adjust accordingly to reconcile these figures.

When you factor all factors in its not a home run, but with the mkt pressure you will probably not find many on mkt home runs in LA, and with steady rent increases over 5 years and a few adjustments your numbers can improve. 

I bought a house in Seattle that was built on the lot line and someone previously got it adjusted to include the required several feet for fire safety space.

I've also been keeping track of my budget, and am going to try soon to make more adjustments to free up even more money.

People are adjusting their lifestyles and even with a vaccine, which has no guarantee on the timeline, the population is going to be hesitant to get back to normal.

You can always roll them all into one loan and make sure you have the option of selling the houses individually down the road if you wanted to (in which case they have to adjust the loan). 6% is high if it's from a local bank, should be more like 4 something, 5-6% for institutional money. 

.- Figure out your average guest quickly and adjust policies accordingly. 

People are adjusting their lifestyles and even with a vaccine, which has no guarantee on the timeline, the population is going to be hesitant to get back to normal.