I work as a property manager in my 9 to 5 and see the power of real estate!

It's a fun and unique way to see the area!

I can see the misunderstanding here, but I still don't think the strategy will bear fruit over time.

If this is not available then we have done demo and just removed the structure.Sidenote for people who see the title: Do not burn down a house on purpose for insurance reasons.....That is called fraud and is criminal :) 

. $295 in the winter if the heat is running the blower motor(s) all day could be justified for a larger 6-unit building but I'd have to see the historical elec charges to know.

Will they institute the default rate over a technicality such as missing the completion date by a few months  or will they ignore the default rate because they see the reason for the delay wasn't entirely borrower's fault and borrower  has a plan of action to get the project on track?

I would love to see the after renovation pictures. 

If one or more units are vacant, the remaining units often don’t provide enough cash flow to cover expenses, making it harder to meet operating costs.Maintenance costs: A fourplex comes with four times the appliances, plumbing, HVAC systems, and other components to maintain, leading to significantly higher repair and maintenance expenses than single-family homes.If you want to see the detailed calculation, read this BP blog - More Units Doesn’t Mean More Money—Why a Single-Family Home Can Beat a Fourplex.Resale value: Multi-family properties have a limited buyer pool—mainly investors—who base their offers on CAP rates.

We have since worked with 2 lawyers (one closed for business halfway through since the eviction courts were closed, so we had to start over with a new one last fall), and we finally see the light at the end of the tunnel months later.

This might help you see the property’s performance in a clearer light.