@Jay Hinrichs exactly the risk is even more than traditional development and the profit is actually less with more operational headaches.

Actually have people contacting me before I advertise a unit available.

I realize I don't have the actual NOI, but that price sounds super high for the gross income you're stating in your narrative.

I sometimes wonder if people just feel lazy dumping their money into an index fund in the stock market and actually using all that free time to go out and live life.

I wish I had another work around for you, but I actually stopped using my business CC all together just to avoid the PITA "hacks" they offered as solutions. 

Everyone thinks they can paint but there's a big difference between a professional paint job and a non-professional one (the latter usually actually damages the property instead of improving it). 

Sometimes I actually walk away from the deal - Not All Creative Financing Deals Make Sense. 

Unless of course you actually have the money in reserves and would make up any loss.. that would be different..

An appraisal fee in advance for an actual appraisal is legitimate, but you can find lenders that don't require appraisals and don't charge appraisal fees.

It was nice to see you actually tried to answer the question.