Set solid goals for what you want to achieve with your investments.  

Locate a Motivated Seller that will consider Seller Financing.

Also, the CoC should be much lower than the number above because it does not account for the already spent $500K to purchase the lot/property.Given that developers continue to build similar properties in this area (example), it is clear that they achieve profitability by having much lower construction cost.

This sounds wonderful, but we are ambitious and believe that we can achieve this goal much sooner with the right guidance and direction. 

I have heard (from a hard money lender, so he is motivated to encourage me to borrow hard money) that it's much easier to get the refinance at the end of a BRRRR deal if the property is finanaced for the purchase vs using cash to purchase and rehab a property.  

You sound very motivated to make things happen for your family.That being said, your efforts would go a lot further if you allign yourself with a team of people with similar goals.

So, think of it like this: do you want to get a high credit score that allow you to borrow money huge amounts of money to purchase sub-par deals that disappoint you and leave you wondering why you never achieved much success, or do you want to leverage not only the funds but also the wisdom and experience of private money who tie their success 100% to your success, and who can act as mentors and coaches so that both of you get paid for your efforts?

Here are the numbers of the deal, experience eyes and direction is what I am looking for in regards to setting an offer amount that makes sense for its current worth. 6 unit owner asking/LOI has agreed to 600,0006 unit - 3 2bd/1bth, 2 3bds/1bth and 1 4bds/1bthtotal rents+laundry = 60,100 current/ pro forma= 70,200 (this can be achieved without any upgrades)expenses = 23,000 currentNOI=37,100 using the cap rate (.09) method of valuation = 412,222Got cap rate from a local CRE agentBuilding is 100% occupied.

Also, have you been able to achieve a blanket loan secured against multiple properties to avoid multiple closings? 

If you are really motivated, put a suit on and walk into offices with your resume.