I get a lot of people who start off with the idea of JC becuase of how close it is to NYC. 

I have no doubt he'll transform this entire corridor in the coming decade so I'm also looking closely at Hornsby Bend, Del Valle, and anywhere in the general vicinity.These are my top two areas where you can find low entry price points relative to both current and anticipated market fundamentals.  

This is a viable idea and is no where close to new.

(Land and construction cost, expected sale price, etc.)My last development in Chicago looked like this:Land = $300kConstruction Cost $650kHolding Cost/Closing Cost/etc. $50kProfit roughly $100kThat project was in Bucktown on the nw side of Chicago.

I will be closing on a small office building next month which I will be repurposing.

Why are you on the fence about them?

Recently got my Real Estate License and have closed a couple deals there in helping friends buy/sell homes, helps bring in some extra cash.

Closing costs will be 1-1.5% of the purchase price.

He can't loan you any part of the 3.5% down and you can get seller contributions to cover closing costs, etc.Just food for thought...

A mentor or JV partner who has successfully closed on larger multifamily deals is invaluable.