@Jacob Beg People pay 50k and more for an in ground pool.

This market phase has made deal-finding much harder than 5+ years ago, but deals are still out there.I find it helpful to determine who you are targeting (maybe a certain type of distressed seller), and consider where their eyes are.

We thought we would be able to get by on our local connections without having a trusted, boots on the ground business partner.

We thought we would be able to get by without having a trusted, boots on the ground business partner.

Even after paying for a years of insurance, phase one environmental, appraisal and so on...we ended up only having $2100 total out of pocket to close it.

The prices on small multifamily properties are a little more grounded since it is (should) be driven on rental income, not what someone wants to pay for their home.

Build a competent boots on the ground team and communicate what your goals are.

Also a great crash course in how to do small ground up development.

Ask if there's grounds to deny bus rides or make them get off at a different stop. 

Do interest only during construction and part of the rent up phase, otherwise you have to personally cover P/I with no or little rental income for a phase.