Recent history has shown that even with liquidity injections and reductions in the Fed's balance sheet, mortgage rates may not align with expectations.Bank Constraints and Real Estate Debt: A significant concern looming over the CRE market is the staggering amount of commercial real estate debt maturing, coupled with the constraints faced by banks.

You'll bring a downpayment based on the total project cost and you can get seller financing to help with some of the equity injection. 

I’d prefer to not approach a builder to co-sign on the loan (which I don’t see happening), and I’d also prefer to not inject too much more equity into the deal if I don’t have to. 

Inject yourself into the neighborhood and pretend you live there.

Demand is low because interest rates were jacked up, fast, like really fast (below) in an effort to blunt inflation, which was caused by Congress and the Fed injecting $10+ trillion into the economy in 2020-2022+.

Positioned to prospective investors as a "protected" or "safer" investment, it is really being injected, in many cases, into underwater deals that can't be valued in today's environment. 

Just my opinion but this stuff was not injected into this investing forum all the time when I first joined.

We've done a few deals together in this way and currently hold 10 properties together - with an additional 3-unit closing next week.The basic structure made sense for me to get started - my partner provided the cash injection and I provided the time and effort to find the properties, fix the first couple and/or manage the contractors.

You can still take some cash to replenish your capital but the cash injection into another property avoids the hit. 

And that answer is different for everyone, and it's not always an answer that makes sense on paper.I realize I'm giving what probably sounds like a hippity dippity world peace kind of answer, and it's certainly not a technical answer or anything about next steps, but I assume most everyone else will respond with that stuff and I can be different and throw in an injection of mindset.