If this deal pans out like it does then it looks like a solid investment opportunity to me, you get to capture the increased value of the property as well as cash-flow positive while holding it. 

Hey Jo-Ann, I am assuming the property was in close proximity to the University of the Pacific?

Based on that they were the winning bid built the building made 7 million and the rest is history they then had track record so they could get bonded ..So in small ways if someone can get with just one vendor investor that you can get a deal done it can lead to experience and doing other deals.This company US Pacific builders we did a few developments in ORegon and some timber deals. they ended up making a killing building resorts in Vietnam ...

Secondly i'm excited to hear about how that pans out for you.

PACIFIC HEIGHTS!!!!

If the previous post does not pan out my recommendation would be to post this in the "Tennessee" forum here on Bigger Pockets to see what banks some local investors use or to just call some smaller banks close to the properties or to search for some mortgage brokers in the area. 

Im sure if he took such a big leap without having all of his experience, it may not have panned out as well as he thinks it would have.  

But, the City, council members, TXDot, Union Pacific and every neighborhood association is working towards this happening.

Sometimes people get a HELOC but that's another story.Anyway, Step 1 is the find a lender that will have the option to do a sub-$50K mortgage (as a back-up in case the ARV doesn't pan out) and Step 2 is the ask for a ballpark/guesstimate (it's impossible for them to know in advance) of the fees associated with it.  

Sadly they only lend in the pacific NW last time I checked.