I am not sure what tools you are using for your cash flow projections but it's possible to have a property that does not cash flow year 1 but will in year 2 or 3 and so on based on average historical appreciation in Austin TX. 

One of the most common mistakes beginners make is jumping into large rehab projects without having a solid team or boots on the ground. 

I’m currently evaluating whether to go with a Fund Model instead of a traditional JV for an upcoming multifamily project, I will be working as a developer looking to do work with a more experienced developer on a larger scale multi-family opportunity.

Expect delays and unexpected expenses: No matter how straightforward the project seems, having a contingency fund for emergencies is essential.Your Team matters.

I can also see where the CPA firms don't want to do this given for the CPAs...this is likely a one time large catch up project, and then never again. 

The only time you would see a fee related to maintenance would be a project management fee if multiple trades are required during a property turn. 

I’m curious, what’s been your most creative or successful rebranding project?

since as part of the project you are going to need an architect and civil engineer, I recommend starting with them and ask them who they have worked with for zoning.

On recent projects that I have seen, LTV’s north of 70% are struggling to pencil out on.

I'm not an attorney or expert in AP specifically, but do have a working knowledge of it for Civil engineering/survey work and have had two projects where this came up and I was able to 'ride along' and see how it unfolded.First, if you 'know' the property has been taken by AP then there's nothing for you to do with the tax assessor etc.