All of the smell was in the wood floors, original from 1928.

Drive around the neighborhoods to understand the lay of the land - if you have someone who will take you around and explain, better yet. 

Short term it is difficult to make the numbers work, the cost of new construction and the time it takes to zone-plan-build are usually the main reasons why private investors stay clear.

Now, we are 11 weeks into an 8 week job and he has abandoned the job with 75% of the money and only 50% of the work done. 

There is a saying "if you've been sitting at the poker table for more than 15 minutes and you don't know who the patsy is...then you're the patsy".

Cost approach A straightforward method that adds the cost of the land to the cost of building construction.

I would suggest giving it up and just hire an agent when you are ready to transact in the future.

You need to vet the investment and the operator.

How much cash have you put into the deal so far?

It's tough to work with corporate seller's.However, there is a TON of investable inventory in the Atlanta market right now that is institutionally owned where there process is very ridged.