Also this property is off the market ive looked on zillow, realator, etc

Some sponsors are mitigating this risk by raising their own pref tranches from their own investor base, thereby giving them control over the terms.In a strong up market it’s likely that rent growth and strong demand will drive up income, thus driving up value, which supports the ability to take out the pref.  

Looking to build in Truckee, what are current market construction costs?

Not sure if you have a direct question, but reading the questions between the lines on when a property is actually considered to be in service.Facts and circumstances.Generally for a rental property it is "in service" when it is "ready and available for rent" - meaning you are marketing it for rent, and a tenant could utilize a property that day.

I would just be cautious about taking on such a high cost basis this late in the cycle because when we see the next buyer’s market it will probably cut into your equity.

I have three of them on the market and we are selling all three together. 

It depends on many things, including your market.

Are rents way below market? 

Find a top broker to represent you and market your deal to the investing world.2.

I have been able to find companies that will cover real estate portfolios on one policy in other markets but no luck in the Florida market.