Additionally you can do a cost segregation study and get a lot of depreciation benefits to offset the rental income (and potentially other income).  

After my P.M. costs I collect $940 or so/month. 

Blue Gate Capital strung me along until very close to closing and almost cost me the deal.

If you are going to raise equity, you appear stronger if you can originate bank debt at a lower cost than alt. lenders.

Even if it was $100k, 32 units would cost $3.2mm to build.  

I had few options so our cost doubled.  

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

Id keep looking if it was not an approved short sale ( even an approved short sale takes a very very long time and theres no guarantee that you will even close on the house after months of waiting). q1)There are plenty of non traditional lenders that could offer you construction financing if the numbers make sense but it will cost you with points and a higher rate.

If you don't you are likely costing yourself bookings.

How much did the rehab end up costing and how long did it take to complete?