I obviously would like for the current tenants to remain, but also make the new tenants feel they are receiving equal treatment.

Full disclosure: I am an appraiser.Now, I know that not all appraisers are equally skilled and versed in their market area.

All of these things are vital parts of the screening report. 

All else being equal, I'd be less interested in Richmond. 

It's also vital that your boots on the ground person inspect progress on the project every 3 days or so. 

It is called Substantially Equal Periodic Payments(72t distributions) the amount you can take out with out tax penalties can be calculated 3 different ways to suit your needs and meet your spend rate. 

We “think” we can get it at a price equal to slightly less than the average land cost.

So half the purchase time could result in a loss.I realize that the time that could produce a loss is about equal in both charts (maybe equal) but in the zoomed in chart that time is a much higher percentage of the time depicted. 

Aylan,Only buy the quad if the numbers are equal to or better than the FHA loan. 

Net Worth of the borrower principals combined need to equal the loan amount and the liquidity needs to be equal to or greater than 9 months of debt service.