I may be wrong, but I think you're trying to be constructive here.

I will be posting a subject in the "starting out" section asking for constructive criticism and thoughts from others who have raised capital, and found partners (or for that matter invested or became involved as partners) to further their RE portfolios.

The location is very good and the unit is easy to rent although the building construction is average (built in 1975).

There father owns Montelango construction, so they are able to get cheap labor and materials for there homes.

Nope.Remember, it wasn't the Realtor who initiated thisit was my friend (who reminds me alot of you Ryan).He's in construction, and has a sixth sense.

If you don't have construction experience then I would recommend networking with a contractor to bid some of your more promising potential deals to give you accurate estimates.

due to their rush into "rehabbing and selling" with little regard for an investment plan or their rush into landlording or even wholesaling or pre construction or whatever - i think many investors are on the balls of their *** right now, or will be soon.I DO NOT WISH THIS for anyone!

It Appraised at $700k.We’re thinking of refinancing the construction loan to an 80/20 int only.80 @ 7.2% 20 @ 10.8% We’d get $250k cash-out to pay off debts and buy land for another new house.I'm living in the house now; We’d sell the house after 6 months (1 year after acquisition of land = .05 Capital Gains tax).

I personally don't get property inspections, but I also have extensive experience in construction, maintenance, and rehabbing.

New construction home purchase price was 230,000.00 Average home for our area 4/2.5 2 story on a .5 acre lot.