We typically try to pay our LP investors a 20+ % return (our financial model require a 21% IRR over a 5 year hold) in order for our firm to undertake the property.  

Chose the color of your envelopechoose the design of your post cardsGet 3 phone numbers so you have a chance at tracking which card got you death threads, which got you explicit graphic detailed direc tion how you should ♥♥♥♥yourself, and which cards got you to get their name off your list!

Best graphic I've come up with so far for our nonexistent joke guru seminar program!

All three were a huge undertaking with tons of ups and downs! 

How do I undertake this endeavor in a way that would withstand ethics scrutiny, if any were to come?

from my existing network, pre-approvals back in an hour between 7a-Midnight, common sense underwriting, and truly helping their marketing "dreams" come to life (direct mail campaign, social media targeted advertisement, anything video/graphic design based, full access to my marketing department for advisory, etc). 

Honestly, developing the project myself sounds fun/challenging/rewarding but I know I do not have the wherewithal at this stage of my career to undertake such a project.

In truth, feeding a property is not the greatest situation in the world and if your appreciation projections are off (which is likely 5 years into the future) you might find yourself as a desperate seller in a few years.Feeding a property  (also referred to as "negative gearing") can make sense if:- You have sufficient cash flow from other sources like a job where a large repair bill won't sink you- You are converting a home into a rental in which you put little down for a FHA or VA loan (as examples)- You are undertaking an expedited paydown of the mortgage to enjoying a better cash flow downstream (perhaps aligned with a retirement age)David

I am trying to find the best way to price and design this kind of an upgrade and whether it is a reasonable project to undertake.

@Sam OwensSince you are a first time investor, I would suggest assigning the property "as is" instead of undertaking a rehab.Unless you have funds on your own or you personally know people with money, it will be hard to get money, even from private lenders, unless you are willing and able to put some "skin in the game" (money down.)You build up your experience and resume as an investor by doing a few wholesaling or assignment deals to start with.Also don't second guess what potential buyers would be willing to pay for the property.