Costs Costs that can be financed 43200 x $140 = $6,048,000 building costs       $75,000 pool       $150,000 site work       $85,000 land       $10,000 design fees       $60,000 civil engineering       $5,000 legal fees (condo incorporation)       $100,000 developer fees       $288,000 commissions and closing costs       $7,000 web design       $6,828,000 total financiable costs Costs that cannot be financed       $1,092,480 closing and interest costs Total cost       $8,208,480 total costs Total cash cost $6,828,000 x 0.2 = $1,365,600 down payment on construction loan       $1,092,480 closing and interest costs       $2,458,080 total cash cost Revenue, Profit, and ROI       $200,000 estimated sales price per unit 36 x $200,000 = $7,200,000 revenue $7,200,000 - $8,208,480 = ($1,008,480) profit ($1,008,480) / $2,458,080 = -41.03% ROI

My listing in Greenville SC is in a reviving industrial area so I've incorporated some industrial elements into my listing https://www.airbnb.com/rooms/788487343968059581?

-Value or Appraisal ProcessAny building 4 units and less will be heavily appraised based on comps. 5+ structures weigh more heavily on the income approach (Value=NOI/Cap Rate) but also incorporate comps in the areaThe beautiful thing about all the questions you posed is that there are professionals in each one of those areas that can assist you further without having to expend all your time and energy trying to figure it all out on your own.

I've already built a model, tweaking it as needed,  although I love what I see on 'Adventures in CRE' and may see if there is anything else I can incorporate.

If terms are agreed to they are incorporated into a final agreement which would be recorded among the land records. 

Hi Justin:To have asset protection when placing your properties into an LLC, you must be sure your LLC is set up correctly with the proper operating agreement (tells how you function and your business intent) and articles of incorporation (to set you up properly with your state).

If they happen to be handy, even better, and you can possibly incorporate that same person into the business to be on call if there is some sort of urgent need at the property. 

If you do end up going back for your MBA, there are ways to incorporate classes that should have a benefit to your real estate career.

Real estate investing is not for arm chair investors. 

Fortunately, many business owners were doing business out of their "garages" as sole proprietors long before incorporating or forming their llc.