During the past two decades, China has maintained strong growth in residential real estate development, which has become increasingly attractive to foreign investors. However, the People's Bank of China released new housing loan regulations in June 2004 effectively eliminating development subsidies, raising interest rates and equity requirements for both developers and buyers, making debt and public equity expensive and rarely accessible. As a result, developers with limited private equity increasingly have to rely on internally generated cash flow for roll-over development. Roll-over financing means using sale proceeds from buildings completed and sold early in the project life-cycle to finance later construction phases. The key issue for successful roll-over is to determine the optimal interval between construction phases. However, quantitative analysis of optimal interval would require tremendous work in the traditional discounted cash flow (DCF) models. As a result, this study proposes a dynamic model with Boolean variable constraints, which defines cash flows as Boolean variables, and enables them to change with construction intervals. The dynamic model not only simplifies quantitative analysis for optimal interval, but also depicts a complete picture for decision making in various scenarios. The model is applied to a hypothetical project consisting of four (4) high-rise residential condominiums developed in sequence in Shenzhen, China. It easily computes optimal intervals in both cash-constraint and cash-sufficient situations.