Now, I am looking for a house to renovate for myself and have recently started an LLC (with another person) for my new endeavor.

The buyers own a small assisted living facility currently and are interested in expanding so I thought that an SBA loan for the entire purchase price and necessary renovations might be the way to go here, but I would love some suggestions from others on this forum about how to approach this. 

To even consider before you start construction you would need an executed lease with a large non-refundable deposit upfront to show the tenant is serious and committed to the sight.If this tenant is not larger corporate but smaller individual or group there could be serious risk to building the project and then the tenant ends up falling out before taking occupancy.

Not that I would do all of the rehab work myself, because that would take way to long while working full time, but because I feel I have a good idea of what it takes to complete renovations and different types of projects.  

I've recently started to run across more triplexes in my area and found one that may look good on paper, but I'm not quite sure of because of the renovations that are needed.  

The larger banks like Wells Fargo require this, but all of the advice lends towards trying a smaller bank.

To get this back to where it should be, you'll be spending way more money than you anticipate, because it will mean renovating all the walls.My advice is to dig into the walls and see how deep the baseboard goes, then pull a few.

On larger deals ($600k purchase + $200k Reno) about unlevered 20-25%.

Given the zip code you mentioned, I can't see the cost of subdividing the land being worth it, unless it was a commercial property or splitting into multiple lots for a larger development.

I will be purchasing property cash and renovating it.