I have considered that but since this is going to be my first property I don't know what challenges I will face in terms of existing tenants along with the normal process of being a landlord. 

Sometimes it can be cheaper to build than it is to buy existing however in most areas of the country right now it will take you minimum three years to develop a project and ground up get it to stabilization so you need to consider the time factor.

I'm not saying that the combination of the two doesn't exist.

My HML asked me to create a new LLC or use an existing one for my current rehab project.

I don't know much about new builds though, we always buy existing homes. 

Also, work your existing network of family, friends, coworkers, etc... for leads.

The city is requiring an architect’s stamp of approval on the existing expansion plan.

In many industries these exist.

So we never use CHENOA, it's just one of those things that exists in theory but not in practice. 

@Kevin Riven because in Phase 1 you can get decent deals and lending is plentiful, in Phase 2 the properties you own or will purchase are about to increase steadily in value, in Phase 3 the properties you own or are about to purchase might decrease steadily in value, and in Phase 4 the properties you wish you could purchase will be very difficult to acquire since lending is almost non-existent.