@Jay Hinrichs- I feel this is a good deal as most assets like this one that I have analyzed over the past 18 months are trading at 7 and 8 caps in my region.

I have an MBA and more debt even than the 50k Jason mentioned and wouldn't trade it for a minute.

I will be looking for private lenders myself this year; I like the trade-off. 

No mentor is looking for someone they have to teach everything to, people are looking to trade value and combine talents so they can accomplish more as a sum of parts than they can individually.

You still have to learn the trade, but that's the biggest hurdles investors have in the beginning which is accurate data to make decisions on.Good luck

In Jan 2007, I came accross https://web.archive.org/web/20070216134932/http://... that explained about "mortgage reits" traded on stock exchange, in Jan 2007.

As a newbie I'm trying to allocate current assets into a plan to grow rapidly and trade up into Commercial Apartments. 

Sure, there is an acceleration clause to think about, but I have never run into any problems, and I don't know any investors who have ever run into trouble with the bank calling the loan due.LLCs are easy to set up, and I think it is good form to have one.Cheers, Josh You are simply trading one risk for another greater risk.

@Sasan NemabakhshMy group is endeavoring to do something very similar to your project, albeit in a different market.My advice is to get on the phone, have a drink, and meet with as many lenders, developers, operators, architects, etc as possible, asking them for referrals in the other trades you need and seeing what criteria they have for a successful deal.

If they are a trade they may go to a smaller town since we seem to have a state wide building boom.