So I don't imagine if rents haven't been paid for then they'd be reimburst the next month till they get paid by new attendants?

usually they have both tax-deeds and foreclosures in the same online system).You could probably get some members locally to split the cost of a small tax-deed sale of land that way you learn the process and get hands on knowledge.I'd imagine land goes for 500-3000?

I imagine there are similar guidelines in each state.As quoted from TSD 300 (revised March 2018) "The following sales and services are exempt “per se” from sales/use tax in West Virginia:The term “per se” means by, of, or in itself.

@Adam Widder I think the money they're pouring in to develop the area can't hurt.

So as long as I'm maintaining a vacancy rate of less than 5% (at $700/month/unit I think that will be easy), I can't imagine that there will be any concern for defaulting on the loan.

If you are going to pull a permit, I'd imagine you have a GC.

I haven't found any "plug and play" meters for an already existing heating system - I imagine you'd need to monitor gas consumption, and each unit's thermostat would meter the valve.

HOWEVER - hard money lending is super flexible, so the lender can basically write the loan with whatever terms you 2 agree with.If you wanted to defer all payments until after you rehab and sell, I would imagine you're hard money lender is going to want something very different as far as a rate, and possibly a profit share. 

Maybe if you finish everything, but by that time you're all in somewhere in the mid to high 400's, and remember the 5 years worth of payments at $1600 / mo.Lack of future appreciation - I can't imagine you're going to get another 60% appreciation over the next 5 years with a new build.

If you haven't I would talk to @Tim Swierczek, he is an expert in financing.Duluth is an interesting area, I imagine multi-family properties aren't as easy to comp as there are so many cheap ones available.