@Johnny SmithSame boat and we carry them over to future years.

Compare those owners with younger owners who have higher incomes and more desire to build large reserves for the future with the older folks who won't see the future and you can see the problem.

What are your future goals?

Note that you are out hunting but have limited experience, so wondering if they would consider keeping you on as a partner in the future if you are bringing them good deals.  

Data, data, data.We do NOT guess on appreciation, we have data and fact driven details, knowledge and insight of what the future is, the numbers, and fact based future casting for EVERYTHING including median home price etc.. 

It also potentially still allows you cash flow for future capex on the property while not over leveraging yourself.

I typically am not accepting far future bookings.

Future residents could essentially buy out their units and fund your build. 

In the future, make sure you and your GC have a schedule for each phase before the project begins.

Generational wealth starts with me and I'm on a journey to build a better financial future for my children.