The pre-construction option is very risky, and in Calgary you could very well be loosing $50-60k as well in 1-2 years... 

🌲🏕️ 🔹 114 acres of outdoor fun, developed in two phases:🔹 Phase 1 (60 acres) breaks ground in mid-2025, opening fall 2026🔹 Budget: $8.7M for design, permits & Phase 1 construction 🏞️ What to Expect in Phase 1:✅ 1-acre dog park (separate areas for big & small dogs) 🐕 ✅ Bike trails & nature-based playground 🚴‍♀️ ✅ Scenic rest areas, restrooms & picnic shelter🏕️ ✅ Multi-use path along Eastfield Rd + parking 🚗 📍 Location: 13729 Eastfield Rd, Huntersville, NC 28078 📊 Real Estate Snapshot (28269): 🏡 Avg Home Price: $384,732(+5.1% YoY) 🏠 Avg.

Are you pre-approved for a construction loan? 

@Shyam Sridharan if I understand correctly this is essentially the interior buildout of a new construction retail space?

Purchase price: $55,000 Cash invested: $440,000 Currently under construction and pre-leased for $6,195/month, this 7-bedroom, 5-bathroom student rental in Clemson, SC, was built using investor cash and designed for high-end student living.

REPS hours must be a work activity involving “any real property development, redevelopment, construction, reconstruction, acquisition, conversion, rental, operation, management, leasing, or brokerage trade or business.” 

One suggestion to consider as I mainly do BRRRRs as well- find a local bank or credit union in the area you plan to buy that offers construction loans.

Quote from @Sri Reddy: We are a team who are venturing in to constructing a multifamily unit from groundup.We don't have any prior experience in construction and are looking for financing loan options.

Your 1031 QI would have to buy/hold the land and do all the construction BEFORE you owned it. 

You have 10 new construction projects complete, but no money for the next three, which indicates you aren't financially responsible or your projects aren't producing enough of a profit to propel you forward.