You also seem to have based your view of syndications on a sample size of 2 good outliers and based your disdain for direct ownership on a sample size of 2 bad outliers, and when someone brought that up, you basically said that you don't mind losing money as long as you spent no time losing it.The type of person that can lose 50k and be mad "for two days" and thinks that productivity has been lost if he spends a few little hours looking over a deal that could ultimately make more money than many people make in a year is a person that most cannot relate to.

 - prop 13 basically fixes the property tax.  

Right now I see they have 30% on the basic package, 40% on the Deluxe, and 50% Premium.   

Basically a partnership.

I just used this basic loan calculator:https://www.calculator.net/loan-calculator.html

The HOA basically kills it. 180/mo/unit, so you are looking at $21,600/year.

In fact, Flagstaff is affectionately called “poverty with a view” because it’s expensive and super pretty but the main industries are basically just NAU and tourism.

The insurance quote at 5% wind/storm peril basically meant a new roof would be out of pocket for me.2.

//End extra detailsI say all that to illustrate how much he seems to thrive on conflict. 

But basically with a construction loan you will need to have considerable cash involved - most costs need to be paid for and then the bank will reimburse at certain checkpoints.You may want to start with some smaller value adds inside the existing house to maximize rent from the house hack.