Just based on this number I would tell you it is a terrible market and Jason is completely inaccurate. cape and lehigh are poster child for massive subdivision built in the 50s 60s that market has been a yo yo ever since.. lot prices go down to 10k in lehigh when things are like now and then shoot up to 40 to 60k when you have a building boom like 3 years ago with outside sales influences. 

As of last week, our partner has given us $44,000 and additionally we have paid about $49,300 into this project.

We have some bookings but there a definitely massive gaps in calendar .

Learning to manage the rehab project, scope of work, contractors, etc etc.

Or do they charge massive fees that private equity sponsors charge for their LP investors for buying businesses (2% management / 20% profit)? 

@Yixiong Pan, do you have experience managing rehab projects that are local to you?

Most rehabbers include only enough for initial demolition/cleanout, drywall scrap removal and end of project cleaning.

In my market of Nashville, zoning changes have massive impacts on value and also immediate impacts too.Best of luck in your search and I hope you find exactly what you're looking for. 

As my first project I would like to purchase the property out of the trust, maybe move into my newly formed LLC, and convert to a 2 family.

Like you I think I made my first investment in a true syndication when I was in my early 60s. the sponsor is what matters.. asset OK  but if the sponsor is not top notch I dont care how good the project is..