This is hard(er) to sell to folks who are stroking one big check just to fund the whole thing, but easier to sell to 100/1000 people who are funding one little piece of the deal. - Banks only stay in business by seriously mitigating risk, especially in the world of commercial loans where they may hold all of the paper.

My biggest piece of advice would be to fire fast and get cameras/alarm systems in place.

I've got a 5 acre piece zoned commercial (parts of it) and agricultural. 

Each piece has a vital role to play.

You've gotten great advice here but one piece nobody has mentioned yet is the cost of the appraisal. $1,200 is super high in my experience. $300-600 is average if it's just a vanilla SFR, and even the last MF appraisal I had (8 units) was only $800.

However, it may make it harder to fill the common equity piece as the more preferred equity there is, the less desirable the common equity becomes because of risk of loss.

Expensive but you get a piece of mind that anything will basically be covered.  

Bette,Great piece for REI's.Like all IRS stuff, there are sublties, so I refer folks to IRS 587, for MORE information than they really want. ha ha

When you get clients these will be the biggest pieces in providing value. 

It involves using Section 179 or bonus depreciation, and I would not DIY this project, as distinction between repairs and capital improvements is one of the most confusing areas of the tax law.And no, you do not need a cost segregation study to deduct these components of your rehab - if you have itemized invoices and receipts.Myth 8: for a valid 1031 exchange, I must exchange STR for another STRNo, you don't.