These investors can provide the capital to stabilize struggling but fundamentally sound projects, potentially earning higher returns than traditional financing routes.Current State of Mezzanine Debt and Preferred Equity InvestmentsAs of mid-2024, alternative financing in real estate, particularly mezzanine debt, and preferred equity, has gained significant traction.

We'll even be making the deposit for the new rental and potentially paying the first months rent.  

About imagining Capex you're looking at two things equipment end of service life replacement costs, including downtime of the unit for turns if there are problems getting the equipment quickly.

Rent paid for all of the expenses, so it cost me nothing and over the years (I kept it for ~20 years) price almost tripled by the time I sold it.Not sure what grad program is 3 years (I'm used to 2 for masters, 4 for PhD), but if you do need to sell one, I'd look at each property and see which one has the most equity, highest interest rates, lowest return, major expenses in the near future (eg new roof) and you mentioned you'd lived in two for 2 of the last 5 years, so have capital gains exemptions. 

@Rob Carmody, if they did work for you even if if there was no specific agreement about the cost you probably owe them money for that.

We expect construction to cost 400k.

However, the market's current size could be a result of limited accessibility, rather than limited interest or potential.

Consider options such as adding to down payments, reserves, or investing in other income-producing assets aligned with your financial goals.Next StepsTalk to Lenders: Discuss your financing options with lenders, including the possibility of a cash-out refinance or HELOC on your CT property, and explore the 10% down payment product for your next purchase.Real Estate Market Research: Identify potential markets or properties that fit your investment criteria, whether for house hacking in Las Vegas or remote ownership.Consult Professionals: Engage with a real estate agent, tax advisor, and possibly a financial planner to ensure your investment strategy aligns with your long-term goals and financial health.By leveraging your existing equity, navigating financing options, and resolving tax matters, you can position yourself and your girlfriend to successfully expand your real estate portfolio this year. 

I am currently marketing the office space but am concerned that the 3 residential units make it unappealing to serious potential commercial tenants.

The goal for this project would be to lower each owner's personal monthly cable and internet and VOIP bill by having the HOA buy these in bulk hopefully for a total lower cost per owner via their monthly HOA fees.Has anyone in the Atlanta GA (Kennesaw) done this type of 'conversion' and was it cost effective?