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.

It's meeting people a little ahead of you that really make it seem doable.

I feel like I might even come out ahead on the appraisal after the build is complete and walk away with my initial investment ?  

I tip my hat to you because you are way ahead of many of your peers. 

Layer on the ability to invest the funds that otherwise would go towards the down payment and transactional costs and you likely come out ahead in such a short term horizon renting.

If you don't mind having a 'financial bomb' waiting to ignite, go ahead and move forward with the wiring in place.

Personally I'm working on a very exciting niche, but will take some time to pull together; and I'll give you more details as it moves ahead. 

Just a heads up, there is really no turn-key in real estate.

I love how you’re already thinking ahead about the resale.

After closing I will be going ahead with refi on conventional loan.I already have cashflowing 3 properties.