We don't have a GC for the job, but you just need to make sure all the proper permits are being pulled for the work being done.

Well  I can't speak for Kentucky but I can speak for Oregon and Washington were I logged for 10 years and did many many deals with my bank and private sellers.If the bank is aware of the timber and timber value they will include it in the loan docs IE your not allow to harvest timber without their permition and then you negotiate a dollar amount.Sellers that do Seller carry back will usually have a provision in the mortgage or trust deed that says no timber harvest unless loan is paid in full in advance.OR in our area you can have a Deed of Trust or Mortgage depending on what the lender wants AND you can have a separate Timber Deed on the same parcel.. the Timber deed can also have a time limit on it..

Check with the permit office to see where the property stands

In the build costs, are you factoring in permits, impact fees, variances, utility installation, walkways, etc? 

To my knowledge there is no extension permitted.

I keep track of checks and dates received.I use a SUM function to see how much is owed, how much outstanding and total interest rate.I can color code redeemed properties a different color.It is super easy to customize. and once you set it up it automates everything but entering the data once you get a redemption check or a deed.You can copy over the tab to a new one and start a new year with all your formulas intact.

I would never permit a tenant to do work on my property.

In my former realtor life, I easily sold well over 100 nice higher end homes every year-- because I FOCUSED.I developed a very organized system ( felt like McDonalds as far as processing the client on-boarding-training then find it-buy it-close it part of transactions).I chose my top 10 favorite parts of the Greater Charlotte MSA and I think clients were drawn to my success, in depth knowledge of each area.The best part with a focused system is it permits quality time with clients.If you will focus , develop your system --and perfect your support team of professionals, nothing can stop you and money just comes!

They might be willing to push info to you that they are providing to other customers.  

As a side benefit, you would improve your asset protection by taking the excess funds out of the LLC since they wouldn't be available to potential future creditors of the LLC.Regarding the application process, the brokers are subject to "know your customer" regulations so they will need to know identifying information for the human being that is authorized to make decisions on behalf of the entity.