Look for books published in the last 2 years as some of the books post 2010 seem to give people unrealistic expectations.

So the money partner may leave around $35,000 into the deal and may expect to get a profit of around another $35,000 over a 3-year period of time. 

Nothing worse than walking up the front of the house and having a broken up concrete walkway.

The price should reflect the current performance, not the seller’s expectations for the future.Seller financing is a big plus.

PMs can minimize their suffering from unrealistic expectations by showing comparable properties that are on the market for rent and having a discussion with the landlord as to how their property compares and how his property can be more attractive to renters.Landlords are running a business. 

Then you expected them to change?

I expected much more.Lesson learned.

I have 2 options:- finance the construction pre-selling the apt, and take my profits (expected to be around 700K pre-tax); or- finance the construction with a 6-7%/year loan (collateral = my house), keep the 10 units, and once the building is completed in 24 months, rent them for circa 180K/ year gross.

Yes, you personally aren't living there, but with high crime comes unqualified tenants and high maintenance costs (stolen materials, broken windows, etc.).

I believe our team will continue to meet the level of service you expect in the future, but should you need anything or have an issue, please reach out.