Basically changing the entire inside making it a much nicer living space.  

I have an opportunity to construct a mixed-use building with 42 residential units (each around 600 sq. ft. with 1+ bedrooms) and 2 commercial spaces, totaling approximately 42,000 sq. ft.We have a solid understanding of constructing smaller projects, such as 2-4 unit buildings, but this larger scale is new to us.

Rates in the Non QM space are becoming very attractive.

Quote from @Mark Munson: Hi @Damein WhiteYou can dispute the appraisal, you'll just need additional comps to do so.

For a fully stabilized property, there are outlets on smaller loans, but, very limited in the space.

The other 4 (2 beds) would be through a guest room having an additional bed (maybe bunk) and I am a fan of a pullout sofa or trundle in the master if space allows.

Unlike some people, I believe HOA is good costodian often finances, get volume discounts, do the effort of hiring contractors and maintain common space so in that regard I consider them a value. 

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

This will be my first landlording experience, but after I meet with my architect I should have a better idea of how much space will be available for parking. 

Commercial space rent in the area for similar properties is $3000-$4000/mo but property taxes annually are $25k+, insurance $6k+ and other expenses such as trash, water, heat & electric, etc.