I’ve had 2-3 buyers interested in Lakewood and Edgewater areas continuously over the last 1 1/2 yrs so have spent a lot of time looking at properties in these areas- here are a few additional observations:The numbers on renovated full size Lakewood two family don’t match most investors criteria (greater than 7% ROI).  

We are responsible for what ever is built and are tied to that project for at least 7 yrs beyond its completion.

Given your strategy and limited exposure to cash flow markets you likely will be stuck with suspended PALs for 10+ yrs.

It is simply a high-stakes gamble that you have to exit in 3 yrs or the bet won't pay off.

There has been no distributions for 2 yrs.

As it was my first opportunity to get some skin in the game, I jumped on the deal and we agreed on a 5 year ballon (4% rate, amortized at 15 yrs).

We'll see low rates, just not extended term low rates(5 yrs+).Today you need to assume rates are going to be north of 4, likely 5%, for term.

Only one facility in town is quality built/newer (maybe 10 yrs old) and it seems they do not have more room to expand and by secret shopping so to speak them plus the smaller less desirable facilities are mostly filled up.

I have been saying this for 1.5 yrs and have met a lot of resistance on BP.

If it's a low price point, you own it free and clear, and buyer can pay it off in <5 yrs, you might consider CFD.