Length of the primary lease term, level of lease guarantee, location, quality of tenant (national,regional,local) plays a part.There are many different types of lender (local,regional,national banks, insurance companies, CMBS, conduit, credit unions, private family office lenders,etc.) each has their own criteria within the space to do a loan on a property.It would take me many hours to write a response explaining all the variances.When people become my clients I already have the retail commercial attorneys, capital markets lenders, on and off market database of properties,etc. 

The desired design program for each building is as follows: Unit #1 at First Floor and Cellar levels- First floor to contain a small bedroom, a bathroom, Kitchen, and Living Area.

Discuss their level of success and compare it to the best you can expect from the low cost areas (i.e. mostly Midwest areas).Good luck

Congratulations on all kinds of levels. 

the lawyer maybe sizing up your experience level or our business acumen..

If you believe you need the extra level of  psychological protection spend the extra money and sleep better at night. 

@Nidhi SinghMy risk tolerance level would say, yes, get some experience before doing that.Things inevitably go unexpected and what do new people often do when things go unexpectedly? 

Since bing under contract we had an inspection that went really well and some minor things will be fixed before closing like painting some exterior and redoing a ground level entry deck. 

Would typically need to have your project at a minimally complete level. 

Depending on what kind of neighborhoods you want to invest in you can but they will be C to D level areas.