New Construction multifamily Holds

[Justin Boeker]

Howdy BP,

I am a GC looking to take the next logical step in RE investing.  As opposed to the traditional route of searching for in place deals, my experience affords me the luxury of developing my own deals.   In short, the thinking is identifying a fairly priced piece of property, building a multifamily product with private money, flipping construction loan to mortgage, placing tenants, then refinance to market value, and repeat.  This assists with minimal CapEX and repair expenditures for cash flow.  

Curious of the experienced BP community thoughts, potential pitfalls I may be shortsighted on, helpful hints, etc?