I have 2 options:- finance the construction pre-selling the apt, and take my profits (expected to be around 700K pre-tax); or- finance the construction with a 6-7%/year loan (collateral = my house), keep the 10 units, and once the building is completed in 24 months, rent them for circa 180K/ year gross.

Seller was not willing to extend contract or accept creative financing options.

Have you looked into property management options or run numbers factoring in potential vacancies and maintenance?

I've done a lot of research and even worked on running numbers for certain options (just as an exercise), but I'm now looking forward to jumping in.

Just an option, we love it.

Just make sure the town is ok with the land being zoned for multi-units, and look into construction costs, financing options, and permits ahead of time.

And then also do you typically repay each partner their upfront costs from the profits before then distributing profits?

I'm an Italian investor, and I will say that long term rental is a very risky option.

As you indicated you have plenty of options to start.

I wanted your typical 3 bedroom house (not necessarily 2 bath) which cash flows.