I can't even begin to tell you how valuable that time was in getting the most up-to-date info on the industry and doing a deep dive into what to look for, how to analyze deals, how to run facilities, rate management, etc.

If you are holding long-term you can do a cash-out refinance, but unless you really buy it for a deep discount or do huge value-add with little money, you probably won't get all of your money out of the project.

I look for deep market insight, guiding an investor for right neighborhood based on criteria investor provides and being proactive about helping filter thru' listings.

You essentially would be digging deep into your own pocket when these costs arise.

That said, these days most good contractors are so busy you might be deep in line trying to get one to run a project. 

Our first DEEP value add multifamily project here in Radford, VA just stabilized and refinanced out of the 12 month construction loan. 6 unit apartment building all 2x1 near Radford Campus.

Despite them all being deep blue tenant friendly cities, they are also the engines of wealth creation in this country and therefore over a long period (20+ years) are likely to outperform everything else.At the end of the day, you need to come up with an investment thesis you believe in.

Location in Cincinnati: Since you're relatively new to Cincinnati, it might be helpful to consult with a local real estate agent who has a deep understanding of the area.

Here in VA there are a lot of very deep value or abandoned multifamily buildings.

You can make markets and put bids that get hit and 12-15 years from now those are the deep value buys.