You could certainly dive into a new build cold turkey, but you are then relying on your team very heavily to make it a success with little ability to self assess progress etc.

Many on BP are relying on paper equity in C/D stagnant neighborhoods that will never be realized.

Just remember, each option has its own pros and cons, like relying on personal relationships for private lenders or dealing with less conventional terms in creative financing.

Do not rely on it for legal advice.

By no means would these be exact estimates and they should not be solely relied on but with high level information, I think most sponsors would agree that they could provide feedback fairly accurate assessments within +/- 5%. 

All this talk of relying on PM's and others to peg an as-is now-Now-NOW sale..... that's just bonkers. 

If you truly want professional advise to confirm what the other forum is telling you, or to assist with your own research, I would suggest paying for a consultation with a CPA rather than relying on that of a free/public forum. 

I relied on the engineer and construction company for their expertise. 

To start, these are the fundamental underwriting inputs the GP/Syndicator will be making when arriving at their offer price:Management Fees: This will be very similar to any other bidder who relies on 3rd party management (and generally more expensive than a local operator who benefits from the efficiency of managing an existing local portfolio).

They highly encourage you to become educated in the topics yourself, rather than strictly relying on the CPA, which I like a lot.Youll get referred to a CPA that they themselves have trained, and the firm we got referred to is great.I'll be honest though, it took me about a year to pull the trigger on this due to the cost, but I am kicking myself for waiting that long, as my first years tax savings will be much more than the price I paid.