Curious to hear how things turned out and whether any unexpected challenges came up in the process.

It gives you better control over the process and helps you really understand the market.

If I hired a builder, who would typically markup project about 20%, my costs would be $300k/door to $600k/door.  

In 2021 we bought the building for $1.5M using private lenders, pushed the occupancy from 50% to 80% occupancy and it appraised for $3.125M, allowing us to pay back the private mortgage.Right now, we are in the predevelopment process of design and piecing together the capital stack for the redevelopment deal, which will be made up of historic tax credit equity, RestoreNY Grant, DRI Grant, etc.

Quote from @Sanjay Bhagat: 1) Should I hire a third party accountant to interpret the deal sponsor track record for due diligence?

If you don't have experience, hire a public adjuster. 

I hire a contractor to jet the line. 

The process is relatively the same. 

They all are in the process of cancelling.

Many lessons have been learned firstly is you can’t be too nice or trusting and second is, don’t wait to figure out the refinance and cash out process and until you are almost done with rehabbing the property because currently going through a very lengthy, cash out refinance ordeal at the moment as I’m trying to get financing terms finalized as we speak.