I am not sure if an attorney review will help with this, specific, basic level of knowledge.Just like an attorney likely won't call out, from a legal perspective, that you are investing with a sponsor who is 23 yrs old and been a residential loan underwriter for 8 months before trying to piece together a syndication.  

You’re not getting the instant equity as you would with fixer uppers with rehabs.

If you pay rent while in Aspen, that housing expense will be factored into your DTI ratio (e.g. total rent paid in 5 months divided by 12 months).You should be prepared for your loan file to go to an underwriting manager for second-level review on account of the occupancy risk associated with your primary home being located so far away from your work.

So, while the news sounds grim, Florida's real estate is still strong—especially in high-demand areas like vacation spots.Let’s keep adapting, and I’m confident things will level out.

She was overwhelmed and needed help, so we stepped in to take care of everything for her.What made this deal different was the level of support we provided.

However its really a balancing act and different for each owner depending on time and comfort level with your construction team and suppliers.

Has anyone ever initiated or been close to ground level in a major redevelopment of a neighborhood?

Weigh your headache level against your income goals. 

Quote from @Pramod Ponna: The application is supposed to determine a level of risk.

@Lotus Eli, being a mentor can mean a lot of different things to people, specifically the actual level of involvement.What I find interesting is you mention mentee #1: making calls, driving for dollars...