Maybe after several years of stabilized rent history, you could refi and get some of that cash out, but not immediately.Unless this project is in the nicest areas of New Orleans, you'll be lucky to get more than $1200/month per unit (long term tenants). 

Then take that signed contract to another investor who can take on this kind of project.

@Caleb SilversCaleb: Sounds like an interesting project.

Another lesson I learned at my local REIA in Berwyn was not to cross collateralize for speculative projects.

I suppose these are future projections right?

Running that, I was offered a few small construction projects like fence building, demolition and drywall hanging.Eventually I got to a point where I was basically working 3 jobs - running a landscaping business during the day, working in resturaunts at night and freelancing web work on the side.

We are doing a new rehab project in Bucks County PA.

Isaac , this is a very ambitious project my friend.I would start with Bildwise ,they have extensive experience in this market,and contractors they use all the time,which gives them consistency.They can probably ball park it for you first and then do a detailed sow if you choose .Disclaimer :I have no affiliation with BildwisePlease keep us in the loop with progress 

but if you are starting out its going to be 4 and 14  4 nd 12 that kind of thing until you get some projects in your experience bucket. 

In 4 years I have projected that my strategy has saved me $13-$15K in vacancy and lease up fees.