if your projects were profitable, why not find other investors and pay them the loan and move on? 

A bad manager can quickly turn a promising investment into a headache.Pro-formas look great on paper, but if the property isn’t managed well—poor tenant screening, long vacancies, maintenance issues, or hidden fees—those projected returns can disappear fast.

My goal is to build the capital needed to start investing in Real Estate, and I felt this was the best way to get there.I spent 6 years as a project superintendent with a commercial builder, followed by 2 years as a construction manager in the track home industry.

Also, you'll want to look at value add opportunities with utility optimization, either a reno project to pass utilities on to tenants or some kind of billing system.

You might want to consider a bridge loan for this project.

Draws are almost always held back until you reach certain points in the project or that work is completed.

Local PM here - we have multiple development projects we are gearing up to sell, both small multifamily and townhouses should you want to take a peak at them.

Do you mean it would need an architect because that's required by the jurisdiction, or because the project itself would need an architect's expertise?

Happy to send over some referrals - some are better for big rehabs vs small cosmetic vs subcontractor only projects.

Be very careful with this as a first time project!