I have also asked on several occasions to get an updated completion timeframe and final (hard) budget number and the contractor is failing to do so.

@Melissa Block I may have missed it in your analysis, but many people who haven’t had a lot of experience fail to account for holding costs, staging, and other expenses that can easily add $10-$20,000 to your overall expense structure

But they prefer for that 1st new construction job to be a single family in which costs are in the low six figures to build.To start with 2.5 million, you'll have less lenders willing to take this on, not only would you have to come with that huge down payment, you'll have to show you have enough to cover the loan if the project fails. 

They have documentation and Appfolio says it was a failed dispute. 

Very very recently, it has finally sunk in how important it is to learn a little bit about something, take imperfect action, fail as fast as you can, and move forward.

You don't want to buy something and then fail to find a job that keeps it affordable.

If they fail you can just get on Facebook or Craigslist and replace them for 100 bucks 

Plenty of people looking for exit strategies on failed flips.

If that fails you could always fall back to an attorney to draft one for you, but there's so many resources out there you wouldn't really need this.

If you think it's OK to pay a higher DP in order to go from negative to positive CF, I assume (know) you failed Geometry when you were in High School.