We have many soft commits from our LPs excited to work with us seeing as we have typically said no in the past (either we were not ready to take on investor dollars/wanted to build more of a solid foundation first) so we are excited to generate great returns for others that we have been able to do for ourselves for several years. 

I need to brush up my skills when it comes to posting in the proper category.  

Typically I contribute around $35k towards soft costs (due diligence) and my LP investors (primarily high networth individuals) contribute the funds needed to build the project from an equity standpoint (approximately $150k because we utilize construction bridge financing).I have found that on my 4-6 month construction deals, investors target around 22-30% ROI.For longer term investments where you were to collect a management fee (i.e., rentals), you would likely benefit from raising the majority of the capital, and contributing very little so that your liquidity is not tied up into any one deal.

moving forward would be to do your due diligence or run a soft title search on future properties to get a better idea of the properties situation.

A friend who's a contractor gave me a very soft, un-detailed estimate of $40k.  

I’ve watched videos where they’ve said I can get proof of funds (soft proof of funds) not hard.  

You could also benefit from attending local meetups as that's a way to brush shoulders with multiple investors at the same time. 

If you insist on shopping, just ask for a soft prequal and give a lender a run down of your scenario. 

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Let's say our fourplex has soft-story parking (that's ground-level parking with units overhead) that can be converted to two studio ADUs.