@Charles Kennedy the West Midtown area is going through significant growth but the prices are still a little suppressed from other Intown areas.  

@Sasan Nemabakhsh...Feel free to take what I'm going to respond with a grain of salt, and while not exactly the same, I've worked on some hospitality construction financing, and the lender I've placed with has appetite for ALF construction.I don't know about construction cap, but end should be running at a 8ish, on ALF, from my knowledge.You should definitely get a 3rd party feasibility study done to determine the answer to the question of market due diligence.  

That all depends on what your appetite is.

I explained everything to them, it sounded like they are willing to go legal, I bailed out as I did not have appetite, so I let them go.Learnt two lessons (1) re work on my lease contract and make it fool proof (2) build network with fellow investors in the neighborhood to guide this rookie :)@ronald Rohde, Bart Hedgecock - can I use TAR without paying top dollars to leasing agent or Attorney?

Investors have more appetite than home owners.

I would probably talk to some of the local banks first to see what their rates and appetites are.

depends on your appetite for risk.

The best thing you'll get from some of the intros is a few useful materials that will whet your appetite for more information.Your money might be better spent if you can partner with a mentor or coach who can walk you through your first deals in exchange for a fee.

For a commercial project add the cost of steel (which is up as well), the cost of a fire suppression system, then factoring the Hurricane Harvey bump; development costs are already up and will continue to rise significantly.  

Additionally, the fire suppression system will need to be maintained and signed off every two years.