Development probably isn't going down much, so you'd have to run an analysis on the potential yield of the project and what the risks are.

If you and your family are looking to strike sooner rather than later, it might make sense to sell it and reinvest in a new project. 

It can be challenging to collaborate with out-of-state buyers on fix-and-flip projects unless they are experienced and have a solid team of contractors.

This is generally code for they invested $25k in a sponsor's project among a few million dollars of syndicated preferred equity capital and it generally is in some type of hoped-for reposition project. 

(Some of us have more than one...)So here you are.Your first step should be to get the facts and then reassess your options.You'll need realistic and accurate estimates of your ARV, your remaining repair expense, market rent, and total projected holding costs.If you run your numbers and you can still make this work as a rental, then great!

I've listed the criteria from the analysis I used from Policygenious (and here's the full article:https://www.policygenius.com/homeowners-insurance/best-and-w...)Drought is the biggest concern for AZ, along with high heat.

If you see WSJ Prime + anything less than a point  it usually means the bank has a great deal of respect for your creditworthiness, really wants to fund your project or combination of both.

This year our deal flow is up about 15 - 20% over last year, while our profitability is about the same since we chose to become more conservative in our risk analysis.  

I'd suggest looking at flipping your current project or be content leaving more equity in the deal and not pulling as much cash out.  

When you're looking for properties to renovate but not not local to check on progress of the project, it's important that you find or get connected with a general contractor that is credible and has references that you can see.