Valuation only makes sense with respect to what you are willing and able to do to get this deal.

I know ChatGPT when I see it, and I respect it. lol.

After some days or weeks or months, both men get in their respective planes.

It's not that sexy I know, but it's helped me learn and understand a lot with respect to having tenants. 

If a law may change (as you mentioned) and you're fully invested in that state, that could affect your overall portfolio returnI don't want to sound like my strategy is better than yours, absolutely not, you trough out some good points and I respect that.I started in 2010 so have some experience too, I have invested in more than 15 states and know almost all the rules and regulation on those states, but I'm always willing to learn more and keep studying every day. 

If they aren't interested in a better unit, then I would respectfully ask them to start looking for another place to live.  

However, i respect the hustle and I know its probably paying your rent..

With due respect, since loan docs are state-specific, be careful asking here which documents you should use.

I treat my tenants with the same respect that I would want.

Wow, @Ryan Dickerson I love your post because you seem to be on the right path.Figuring out your construction cost and building your team prior to entering into deals can alleviate a lot of stress during the project.Also, your respect and understanding of the value of a general contractor's time is impressive.