And with all the comps being new it just might not be there.I'd dig a little deeper into your friends statement about the 70% equity, I don't understand it. 

(So dig a little deeper in area searches) Irvington for buy and hold properties (this area has been unique as well as stable for some time with buy and holds), other areas for fix and flip would be Haughville (truly seeing some changes in the market recently and level of finish to homes), Brightwood, Bates-Hendricks and most recently near Riverside Park bound by 16th St to the North, 10th St on the South- Indiana Ave & River/Fall Creek East & West.

Also, you may want to dig a bit deeper on the other options you have for financing.

You might be able to just dig a shallow slope away from the foundation.  

Then I decided to dig a bit deeper and look at building permits that may have been issued.

I was reflecting on some of the initial impressions people have about multifamily syndications today, which prompted me to dig a bit deeper into the ‘why’ behind comments I’ve seen on message boards & social media, like these –‘I’m happy with my current investment decisions’ and ‘I don’t trust anyone who suggests a different strategy’‘ or I’m not interested in hearing about multifamily syndications, as I’m sure a pushy salesperson will try to convince me to do something that’s not good for me, and I don’t want to lose money’It occurred to me that I’m no different, and further reflected on how it took me a few months to be convinced to invest in multifamily syndications.

Having a mentor is the right idea, but I would dig a little deeper to see what he has built in the past 2 years.

Floridians need to stay out of this discussion because if you dig a hole 4 feet down in our state, you'll hit water or limestone or something that isn't "basement" worthy. 

The problems will compound and get worse and it becomes more and more likely that the tenant doesnt pay any of the balance when they dig a huge hole. 

I dig a bit more and it looks like there are alternatives with Wyoming Statutory Trusty and Limited Partnership...