Most people outside the profession don’t understand the time and capital it takes to make a project come to fruition.Before a single piece of equipment touches the ground, there are years of government meetings, environmental and site assessments, engineering studies, etc.Each step requires significant time, effort, and capital investment.But when done right, it creates a ton of value and transforms communities, which is why I love it.

Each piece locks together to its neighbors.

I think that piece would speak to the more sophisticate audience.

Challenges: You’re giving up a piece of your long-term profits, and if the project goes exceedingly well, the lender benefits significantly.

In my experience it's harder to raise just the reserves portion so it may take longer to raise this small piece than to raise before closing. 

The other frustrating piece to that pie is that folks assume because properties are going for cheap in an area that contractor rehab work is going to be 'discounted' as well, and it is NOT discounted, it's the same going rate, if not MORE in less expensive neighborhoods because it is MORE COMPETITIVE in those areas for licensed contractors.

They honestly know what they are doingThe true way to know if someone is reputable is if they know their guidelines, can call you out if you are being unrealistic, and are quick to kill a deal rather than piece gum together and see if it will pass.

My final piece of advise to you is based on 45+ years investing in real estate, real estate debt, and real estate securities, as well as having syndicated over 400 deals.  

Unlike a lot of BP publications, it's really more of an extended pamphlet with some good pieces of information, but if it is "the book", it's only because it's the "only book".The chapters are approachable and reader-friendly, but you won't find any nuggets of golden information within the pages if you already listened to the authors' appearance on the BP podcast.

One of the best pieces of advice I heard years ago on a podcast was from a gentleman worth $100+ million.