We are finding it difficult to find a bank to undertake this type of loan. 

If I were to undertake such a condo conversion project, I would probably need substantial additional funds after the down payment to do the conversion.

I do understand that my idea would be a huge undertaking and I'd have to recruit a lot of help, it's just something I'm thinking about and curious if there's precedent...

But realize this can be a non-trivial undertaking. 

It’s worth having an inspector on your team that knows your threshold for repairs and what you’re looking for or don’t want to undertake.

After careful consideration and really looking at what it will realistically take to get started, I've decided in part to put REI on hold for a bit.Not because I don't think I'd have what it takes, but because of one very important thing I'll need even with the 'low money down' investment strategies I'm considering: Money.The reality is there's costs (closing costs, down payments, getting contracts made, etc.) that I'm going to undertake regardless of how I choose to invest, and the fact is that it's easier to do with more capital.  

My main point was if I were to undertake the same activity as a spec build (which I intend on doing at a future date) I would find a builder working on a cost plus arrangement, rather than splitting your profits.

That means you are going to have multiple management companies involved in this undertaking.

If....and that's a HUGE if the properties were somehow not in need of "any rehab" (impossible) we would undertake a 60's valuationYou two seem to have something going on so I'll bow out now,Best wishes

It's a noble task to undertake.