A very low supply that is over powering the increasing interest rates and keeping prices elevated.

Due to the increased expenses associated with hard money lenders, borrowers will encounter elevated interest rates.

Construction and investing experience affects the terms as well.Initially the startup cost would be; secure the land lot, get arch & structural plans completed, professional services ie survey, soil test, elevation certificate, RESCheck (Energy Compliance Report), building permit, Impact fees, Clear lot, Pour foundation and go into framing.So you would need your own cash to get started.

the reason I have the 2x rule is that rehabs are work and have an elevated risk compared to rent ready properties.  

I would want it to be something that elevated each person where each person in the group is able to benefit others and be benefited by the others in the group as well.

Example elevators if any.  

If you can find an alternative, a medium ground, let's say 3 to 6 months terms on Private Notes, then you're not fully liquid, but that short term / duration elevates your chances of having liquidity fairly quickly if needed.

@Kimberly Lin for a cellar to be considered a cellar the BHMP (building height measuring point) has to be less than 5'-0" from the first-floor elevation.

the HOA also has a $9k assessment to modernize elevator, repair stairwells, and start repairs on balconies.  

This could mean apropriate fire suppression throughout the building, potentially adding elevator, full ADA compliance, etc.