Yet you have chosen not to do them. 

Therefore, your risk is higher and cash flow is a gamble. 

Hi Garrett,Just off the top of my head, here are some of the steps you might want to take.Seek a construction lender for the job as as well as a lender for when you are stabilized.Find out what the Lender Requirements are for YOU (and your Partners and Co-signers) and for the Project, and work to meet the requirements.Open your dialog with a Lender(s) early on, and keep an eye on interest rates if they flux up you may want to reconsider doing your build.Talk to an Architectural Firm (that has built recently in the area) apartments of the size and type you are wanting.Ask them for some rough (You Spend) figures with timelines on them and see if that matches your Vision for the project (be ready to take out your checkbook for this).If it's a GO, have them recommend a General Contractor for the job (that has built recently in the area) apartments of the size and type you are wanting.If there are tax incentives tied to the project for certain renter classes have your CPA figure that into your projections.Consider any "Dirtwork" (soil engineering for poor soil) or required "Drainage" costs on your chosen site (or shortlist of sites).If it's a GO, tie up legal control of your building site.Note: Big construction can Bite you in a Big way if you have little experience in it.

Simply state you have chosen a more qualified candidate.

I can speculate (gamble) there.Swanny

Really the best thing you can do is get as much exposure in your chosen field as possible.

Otherwise it's gambling.

I think the out of town investor just gambled on it and won, it was a good buy.

Appraisers are chosen through the lender.

Yeah we're in Hawaii, in the resort zoned buildings in Waikiki (Government plans on cracking down on short term rentals that are outside of this zone, so we've chosen to only stick within this zone and do things legally)Have you done Airbnb before?