Can you send me a couple addresses of projects that someone completed that fit your model?

Maybe they removed the ceiling, who knows? 

A buddy of mine who invests out in Phoenix once had a client facing a similar timing mismatch on a rehab project.. they ended up working closely with a local credit union who was more open to interim valuations.

One of my connections will fund the rehab for less and give it all to us on the upfront to finish the project at a lower cost.

I am a current college student and gained interest in real estate as I am working on a project focused on finding ways to expand opportunities for real estate investors.

If you're working on other projects during that time, it could create an issue, as it would for any employer.Why not be upfront with your boss and let them know you're planning to get your real estate license?

These are non-performing mortgages and the homes are vacant and in preforeclosure.This doesn’t fit my typical passive, turnkey investment model, but I am considering taking on a local property as a “fun” project.

And while I agree that debt is often the cheapest form of capital, if you are looking at a project that involves some form of value-add business plan, you can always refi either when rates come down or you have increased the yield on the asset to exceed your interest rate.But like Stuart noted, for many groups, even the most seasoned syndicators, raising call cash for their deals is effectively impossible.  

What’s your vision for your next property - do you see yourself leaning towards value-add projects, or are you focusing more on turnkey options?

if its a true condo you only buying the airspace.. so any defects in constructin the HOA has to pay to fix.. so the ceiling work should be on them.