The deal is risky unless you know the market well, have experience executing this strategy, and have accounted for the quality of the asset and tenant. 

GC's get paid off of the work, not a flat rate... but in your experience, would you say that window of rate is generally 10%-20% project depending, or more towards 15%-30%?

Also just look online and steal some ideas...I used to Google Luxury Kitchens and then figure out how to do the same for less $$.You'll be fine with your experience.

New agents and investors often face obstacles that are only revealed through experience. 

It would just need to be a situation where they have great contact with the person doing that managing of the project (I.e. have known the person for years, great reputation, person has experience in flipping etc.).

Also, our team has a lot of experience in working with Sec 8 residents and getting properties approved.

You don't need to know everything to get started; you need a foundation to build on, and the rest will come through experience and then refining your education.You can build a basic understanding of investing in 3-6 months.

And in order to defer all tax you must purchase at least as much as the aggregate net sales price of your properties.These all can seem daunting but in my experience exchanges are more successful than not.

It is my understanding (per our zoning attorney) that RT4 zoning should allow 3 units but whether the current construction of the building makes that viable or not is an issue.Not an expert by any means - just our experience with zoning and digging out basements in Chicago.

Lots of folks invest here. 15+ years Realtor/Wholesaler experience.