I have dozens of clients doing this in New Jersey most of which come from no construction background, they simply use preferred vendors we have in place (not GC's) which lowers renovations cost because there is no middle man. 

We have made the decision to list the place for rent and then simply communicate the situation with the tenant. 

Whenever I speak to a group of students interested in real estate, I always stress the importance of networking and simply asking people to coffee.

If you plan to do multifamily in the "Far" suburbs it can be harder to hit your cashflow targets VS city/near burbs simply because there is limited inventory. 

And compare that to simply refinancing.

Some of the comments above are simply ignorant to what lenders allow and don't.  501c3 falls in the same area as non-recourse loans for the most part. 

To put it simply, we want our note buyers to make money - if they do, they'll invest with us again and if we have to refund them because a note doesn't perform, they're likely to buy again knowing that their principle investment is safe.

A deal that produced a 25% net IRR to investors with a 1% acquisition fee, 1% asset management fee, simply pref + single tier waterfall, etc, may only produce a 15% net IRR under the current fee and carry structure, if their acq fee went to 3%, pref went down, they now have a GP catchup and multi-tier waterfall giving them higher splits for higher returns, etc.

Ended off just simply putting a carpet over it.

(With your stellar reply, you gave me courage. lol) You did a good job of writing a reply that was more realistic than simply cheerleading somebody to push themselves forward to being a guest on podcast faking it till you can make it.