I wanted to share some advice and answer the questions you posted from my own experience being in RE in different capacities for over 12 years:Have any of you been in a similar situation where multiple partners were involved?

What if you pick the wrong project, or the wrong sponsor, or the economy changes, or the business plan doesn't work out. 

Does seem fairly reasonable 🤔 went high on the Reno estimate and maintenance costs ect and low on the rental amounts.. so hopefully it will work out better.. 

I'd have to offer 20 to 30 percent under asking for most of the properties to work out for me.

I can tell you we bought one that was on the larger capacity side of what was offered and it's awesome.  

Lenders have different loan capacity at any point in time; they might not announce that they aren’t making a certain type of loan right when you need it; they’ll take your application but either delay you to death or find an obscure reason to decline the loan4.

I'm concerned that the combined load of heat pumps and ancillary heat strips, along with other appliances, might exceed the 100-amp capacity during winter.As part of our future plans to add a third unit and separate the utilities, we intend to install two additional meters: one for common areas and one for the new unit.

If you think keeping money in your backyard keeps you financially safe, just remember how that did not workout in Greece.

Also, even though rents are high in Memphis it is very difficult to get the rents to work out to 2%.

Hope things will work out.