When you’re new to a market, I highly advise starting small to get a feel for it while you build your trusted team.

I would consider taking over a turnkey property there but wouldn't advise investing in a conversion unless you're going super luxury or simply want to enjoy the area yourself frequently.

To follow up on Evans point about option 1, I would advise not getting suckered into this arrangement as it handcuffs you when the economy is in a recession. 

And even though virtually every sponsor agreement allows me to share investment information with others who might be advising me on it (especially when club members are bound by an NDA), I still ask the sponsor if I can share it, because it's a test.

@Nathan Gesner I am not worried about the syndicator, I am seeking an advise from an experienced individual who has done many deals in the past and knows how to read between the lines.

That means I do the work, they advise. 

Any advise is greatly appreciated!

Legitimate question.My advise depends on what your true end goal is.

On repair costs, I've been advised in the past to use $15 sqft for moderate repairs and $30 spft for big remodels.

Please advise.