You don't want to get a call 3 months into a project where you have lent money and hear the operator say that they ran out of money and need more money from you to finish the project or you will lose your investment.

Properties like the Michigan complex offer a unique entry point, combining cash flow and significant upside potential.Immediate Cash FlowThis particular property is projected to deliver 6% annual cash flow from day one, already exceeding the yield of Treasuries.Value-Add RenovationsThe property includes hundreds of units that can be upgraded to Class A finishes, justifying rent increases.

Doing small projects not sure.

@Trevor Rutherford I dont deal with FHA at all, only the commercial side of banks so I cant help you there. 

Since this is a new construction, I projected a low capex.

However, the process was extremely cumbersome, communication was inefficient, and the loan fees were inflated compared to other deals I have seen from fellow investors.We will be ready to begin the refinance stage of our next project in the coming days, as renovation is finishing up and we are screening tenants.

But at least you're getting a wash instead of getting screwed.As my colleagues said, Form 3115 is not a DIY project.

Whether you've lent money for an individual project, or you've invested in some sort of fund / group, I'd like to hear about your experience! 

Are you leaning towards a buy and hold or a M/STR for your next project? 

Quote from @Andy Tack: Hi Lance, we are developing a project that is partially in a flood zone also.