Here's a breakdown of the situation:Current Occupancy: 80% (16/20 units occupied).Current Gross Rent Roll: $14,265/month.Market Rent Potential: $17,665/month (100% occupancy).Renovation Needs: 15 units require full renovation ($10K/unit), 4 units are 75% renovated ($2.5K/unit), totaling $160K in renovation costs.Vacancy Loss: $41,820/year in lost income due to current vacancies.Cap Rate AnalysisThe seller lists the cap rate as 9.59%, but this is based on the projected NOI of $119,858 (assuming full occupancy and market rents).

@Matthew DrouinThe one I'm looking at right now is a smaller 8-unit project - only around a $100-125k equity raise + loan guarantee.

This is our "8 x 8 project" - there, I've said it out loud to remain accountable! 

This one was strange because I ended up splitting the companies and partners involved in the deal so we liquidated halfway through the project. 

Investing in single-family residence fix-and-flip projects in New York involves purchasing distressed or undervalued single-family homes, renovating them, and selling them at a profit.

I'm looking to finance the project long term in a way that is helps me create positive cashflow.

Has anyone done such a project before?

How do you gain more confidence as an LP? By reviewing sponsor after sponsor, and deal after deal to uncover what sets apart the good from the bad. 
We want to help you get more of these reps, and we're excited to ki...

There is no requirement to use them as mentors for doing the rehab projects as described in the horror story above, but they do their own underwriting so they will be investing themselves to assure the deal makes sense and is successful to assure they get their payments and interest. 

You definitely need to have your ducks in a row using a HML to get the project done quickly, on schedule and on budget.