I would bet that the cost of the land is contributing to the $4M cost - although that does still seem high.. but I'm not super familiar with Truckee market. 

When I saw my tax advisor/attorney, he said another option would be to have a separate LLC for each property with a holding company for expenses common to all properties and to make distributions and contributions.

Paseo is a historic street in Kansas City so it's an opportunity to contribute to revitalizing Kansas City.

As soon as there is no more money left (or it's low), you must contribute again.

I turned around and contributed over $500K to close the purchase of the two replacement rental properties.

The project is expected to create thousands of jobs and contribute billions to Pennsylvania’s economy, signaling a significant shift toward nuclear power as a reliable energy source for tech infrastructure.

The use of actual cost records in this approach contributes to the overall accuracy of cost allocations, although issues may still arise as to the proper classification of specific assets.

Achieving immediate positive cash flow indicates a successful execution, and the lesson learned about closely managing startup costs is vital for any investor.It’s also great to hear about professionals like Midge Maguire who have significantly contributed to your success.

To prepare I would get a good understanding of what each partner can contribute to the purchase (cash/sweat equity) as well as the division of labor.

You can, and should, interview them and ask them all of the appropriate screening questions - but you won't be able to "test" them out without contributing significant capital as part of your test.