Can you carry the property for the construction period?

They won't learn those items until they actually do deals. 

It goes both ways....let's carry on talking about RE investing and keep the personal conversations elsewhere.

Unless you're working with Private Money that is going to carry the risk of your lack of experience, banks want to see experience, Net Worth and liquidity after close to consider the terms.I started with single family, four plexes, and remodel flips for a lot of years before getting into larger deals. 

He didn't have to do that...you're carrying him). 

The owner also needs to save for big ticket items that may need to be replaced every 10 or 20 years such as AC, hot water heater, furnace, roof.  

Additionally, they have another property which has appreciated in value, carries low interest rates, but has negative cashflow and essentially feels like it just locks money away.

Plumbing, windows, driveway, etc - all big ticket items. 

Will work on some of these actionable items

Stock Market = Multi-Unit Property = Established Business = Payoff rentals = Hard Money Lending = The ideal situation is too invest in the item that will get you the highest return and lowest level of difficulty / time spent.Best of luck