Hey @Brad Roche - We do a significant amount of renovation loans (both Fannie May & FHA) here in Chicago and prefer the Homestyle loan only because it's less stringent on the borrow about what they have to repair, and they provide the general contractor a material draw at closing which helps the project start on the right foot.I thought the minimum down payment was 5%.

I very much appreciate the honesty around the current state of the market in the area and I will make sure to adjust our projections accordingly.We are excited to start our journey and looking forward to contributing to the BiggerPockets community.

Time Commitment - Basically if one of you spend more time on the project than the other they should be compensated for that time.

Existing deals will instead be saved by NOI growth driven by rent growth--if you have the staying power to hold on long enough.Supply:  High deliveries remain today mostly because of "hang over" from projects that are taking longer to complete than developers (and industry analysts) expected. 

Making sure that everyone is on the same page.And yes, starting big projects early does make a difference!

Hi Ursula,Even though this post is a few months old, I thought I’d chime in just in case you’re still working through this or for future projects.

More than likely the PM wasn't aware of the costs as most PM's don't understand project management.

Only if it looks well off from otherwise projections would I worry something like hotel listings might be throwing it off

@Bryan Stengel, I think alcohol has been the tough one with the STRs, not sure about if you need license( hopefully someone will chip in ) , however there  always the liability part including but not limited to offering alcohol to people who are trying to quit etc.

Forcing appreciation on properties requiring work is a longer term goal but I’d like to start with a simpler project.