But I'm sure the developer made $1m.

I am concentrated in the land development sector and multifamily.

Also, real builders/experienced developers will often have a true technician, i.e. a civil engineer, architect, real estate attorney et al at least glance at the property info to make sure there are no major red flags.

Also, a contractor may not be the best person to develop your scope of work! 

I had large payments on my personal loans due and extra money going out to finish the project, not ideal.

.• Our strategy: Buy a fixer-upper SFH in a “B” neighborhood, ideally with ADU (accessory dwelling unit) potential.

MF with many garages to convert to ADUs, parcel splits, full on development, coop/tic with the resources to handle financing challenges, etc.To raise money in this market as a newby will also be challenging unless you can get it from friends and family.

Quote from @Steve Lehman: @William VreelandAs a local Indy Investor and RE consultant I have been flowing the IHA development closely to see what kind of developments have been happening.

I had grown very close to him and had developed a great deal of trust for this person.

Hey Derek, I deal with the same situation at one of my glamping sites near Houston.