Is that where I went wrong?

@Loren Souers I'd have to run the specific scenarios with the rates and fees, but if you're OK with paying the higher closing costs, the Mortgage 1 deal looks good, particularly if you focus on CoC returns.

I like your post and you obviously know Chicago but a lot of what you are saying is just plain wrong.

The plumber and electrician ran the gas pipes and electric for stove to the wrong spot....the electrician followed the plumber as usual  but there was a drawing in the apartment and the plumber had the drawing in his messages.  

The key is understanding the nuances of the program and making sure your property aligns with their inspection standards.In Detroit specifically, Section 8 tends to work best in C and C+ neighborhoods.

Most PMs, especially the well established ones, will not always flex for specific clients like this but it could be an option.hope this helps.

The specific property I am looking at right now is netting from PadSplit to the current owner  between $5k-$6k per month.

I was wrong to fall in love with the potential of this development.

What is drawing you to that specific location?

U invest in the fund and there is no debt ahead of you you own the debt free and clear the only risk is they buy the wrong debt and the underlying collateral does not support the investment.. which is why you go with folks that have a lot of experience in the space and now how to value the collateral.