You'll also want to prepare a personal financial statement for each of the guarantors/owners of the entity, the entity documentation, 2-3 months worth of bank and brokerage statements for each guarantor and the entity itself, any plans, specs, etc for the property, information on your GC, and a detailed Scope of Work from your contractor along with the draw schedules they expect.

There are banks out there that offer lines of credit for GP stakes, which many established syndicators utilize and draw on to potentially fund their follow-on offerings.  

I'd recommend going more north West Palm Beach area is growing rapidly, has a brightline station & has announced some significant devlopments over the the next several years that are very appealing to draw more people students etc.   

Let's divide that number by .75 = 413k. 

Is it worth dividing the electric meter?

My calculation is based upon cash flow divided by equity. 

I’ve always believed that if the lender is a “partner” sharing exposure and not an at cost money provider dividing the profit of the deal into three sections is appropriate   MoneyMarketingManagement This said it’s not unreasonable to allow a minimum return after “X” profit.  

A $150k 1,500 sqft 3/2 there won't quite draw the 1% rule in rent but you can get pretty close.Vincent

Divide by 1000 and review what the town/city are charging for commercial properties for an accurate calculation.

Provide four to five copies of drawings size 24"x 36" and 11 each Site Plan/ Boundary Survey.