With a few month's before some note's expire they send notice unto their regional lender inviting lender into a negotiation of consideration because there intentions are if a mitigated arrangement can not be meet, with market rate offerings on debt not tenable, there going to walk away and exercise strategic default. 

.- In general, I see politics playing a rapidly increasing role and impact as stimulus and assorted actions have exceptional high probability of occurring induced from political motives, riding backs of legitimate economic standings, but amplified in there deployment via political motives.  

What key roles should I prioritize?

It's good you have a "mentor" but what's the role of the mentor.

Similar to real estate, ground up construction typically has higher risk because time factor can play a more important role and there are no monies generated early on. 

Of course, track record and conservative vs. aggressive underwriting/promotion play a role in the reality of what you're hearing from any syndicator. 

Later on, these questions will play a role and it's not that they are unimportant now, they are just in the wrong order.

I would benefit from the decreased cost of living (effectively paying reduced or ~hopefully~ no rent), but also would take a greater role in managing the property seeing as I'd be physically living there.

New faces were EVERYWHERE and it quickly became a head shaking exercise weekly as we had max bids (and if anything, you'd think an experienced person could go a bit higher than a newbie) since almost certainly we could get it done for less and I was still part time then, even the full timers who could knock em out real quick and efficiently were amazed at how high so many went, there was NO WAY there was profit there.I did the same thing, moved upmarket, but if it weren't for years of experience and years of reading about what those buyers want, not just in near perfect quality, or perfection on the high end, but also the features they want.

When we exercise this option thinking that there may be something significantly different we bring a 3rd party inspector.It may be too late to exercise this option but....