Go get insurance asap even if it’s a low limits builders risk policy based off of the renovations you plan to do once it is vacant, or a surplus lines commercial policy.

My gc company signal builders is on Instagram as signal mountain builders. depending on what you’ve got going on, we could maybe work together. send me a message with your timeline and we could talk. thanks

So my question is - I cannot back out from this builder agreement without losing money, can I?

FYI, I am the credible GC/Builder.

Typically you would need a " Builders Risk Policy" and regular insurance companies  might not carry that.

I’ve tried calling tons of developers / custom home builders yet they never get back to me.

I found the builder i want to use and is vetting them now.

Jerryll nailed it with his thought process.I've done house flips where I knew the profit would only be ~$25k at the end of the day, but those houses just needed a quick and easy refresh before re-listing for sale just weeks after I bought the deal.Then on the other end of the spectrum I have deals I'm pursuing that have a best case scenario net profit of $1M+ which require a ~2 year build out an a team of world class architect and builder to pull off. 

If yes, purchasing an existing home might be a better choice for you.Have you talked with a local builder to get an estimate time of completion as well as costs associated with your desired build? 

However, once the house goes to market and is up for sale, what would be a fair percentage to break down for the person who puts up the money in a JV and for the builder who does the labor of the work?