I’m sure you can have a loan denial issued if you state that you do not have enough funds in place to make this happen, which will allow you to exit your contract because of not being able to meet the financing approval period.

NY. 5 year draw, IO for 5 yrs and PI for 10 year repayment period.

I want a US flagged Hotel period :)   I dont want to risk getting a bummer been there done that in Europe their standards and ours are quite different.

And being a non resident was a little more tricky. but at least at that time period what I learned is there are only about 4 or 5 banks in CA and there is not this whole sub market of loans like we have in the US..

It's interesting that many of these VC-backed PMC's, despite having 10k+ properties under management, aren't doing well financially - one of them just merged with another industry-related company also not doing well.Just for fun, here's a partial list of PMC expenses that owners pretend don't exist:Office rentComputers, printers & softwareInternet & phone billOffice furnitureOffice supplies: paper, postage, ink, etc.Office liability insuranceAuto expenses: monthly payment, insurance, gas, maintenance, registration/plate feesBroker license fees: annual, monthly board & MLS fees, continuing education fees, E&O insuranceEquipment: lockboxes, signs, etc.Business income tax preparation and paymentsStaff payroll & payroll taxes Time Tasks: answering phones, calling past due tenants, scheduling tours, taking marketing pics, processing those pics, writing ads, researching rent amounts, posting ads, explaining to owners how rent determined & showing where ad posted, opening & processing mail, posting payments, bank deposits, scanning documents & posting to owner & tenant portals, explaining accounting to owners so they understand their monthly statements, taking pics/videos of repairs, finding reputable handymen and contractors, confirming they're properly licensed & insured and tracking annually, verifying repairs done properly, processing invoices for utility bills, repairs, taxes, city inspections, scheduling periodic property evaluations/inspections with tenants that don't want strangers in their homes, explaining to owners why something is taking so long, and more & more & more...OBSERVATION: many owners only want to pay a flat fee or 50% of a month of rent as a leasing fee - without realizing the repercussions. 

They average to about $60-70/mo of expense that I would not have had, assuming a market rate tenant would have stayed the same period of time.

@Neal Collins By chance, if you had a trial version of GlobiFlow previously, you should be able to sign-in and sign-up for their subscription.  

Sounds like there might be some "upside" as future development takes place with increased demand, but it's important to know the financial situation up until that time period.

I would not venture into the apartment space, learning by trial and error.

.: I paid cash for 5 small condos over an 18 year period.