. - Projects give us visibility on my projects- My CPA can easily access the reports for tax preparation.

By the time an Inspector shuts down a project, and the homeowner goes to court/city/judge/whatever.....there is wasted time and money.As we all agree, just get a permit (if it is required) and do things right. :-) Even if you win the war, loosing the battle can easily wipe out all your profits and more.Think about that recent CA AirBnB case where the lady was in the guest house for almost 2 years with no rent?  

@Otis Clayton To partner in real estate effectively, establish a clear structure like an LLC for liability protection or a Joint Venture for single projects.

Feel free to DM/call me so i can help you with your first F&F project.

A picture is worth a 1000 words and a project we helped someone on in the UP was able to gain support and approval by getting renderings done showing what the finished project would look like.

If your "estimate" works for you and your "high estimate" is still workable for you, then you can feel confident that if you use good project management practices that you can manage the project to somewhere between those 2 numbers at worst.

Are you planning to take on another project like that soon?

I would like to be prepared for a larger multifamily project. 

There are a multitude of roles, stages, and responsibilities for each and every unique project.

Look for areas with solid rental demand, typically in Blue Collar America, where BTR projects are particularly appealing.