When a developer can't obtain subsidies for their affordable housing projects, do they just wait until the next round of subsidies availability? 

Why are you communicating with the tenants if you have a property manager?

For example, one $27/hr FT property manager of mine can manage 140 leases.

(The picture is of a different project) 

I think you should go through with this project.

Quote from @Anshuman Thakur: Can someone please shed some light on how- convert 401k to SD IRA- how to use SDIRA to buy properties- how much down payment is typically required if we are using SDiRA to only fund downpayment on a multifamily CRE, and which banks typically work with SDIRAs- how does LLC structure- property management and cash flow work in this situation?

I’ve been in the industry for several years, and my work has given me a solid understanding of property systems, maintenance, and what makes a home a great investment.I’m now looking to expand my own real estate journey by learning how to acquire and manage short-term and long-term rental properties.

If you love property management and want to start a business keep looking into it.Otherwise keep buying income producing properties to generate wealth.

I think if you leverage 70% of it you’re going to seriously cut into your cash flow and personally if I was going to have $7M in debt I’d prefer it to be spread over several projects built slowly.

I currently have a rental property and am looking at getting my real estate license and building a property management and property maintenance company to serve my investments and potentially others.