Several other reasons why too.

@Shaniece Ricketts There are several wholesale groups on facebook and you can go in those and look for like minded individuals in your area and network.

Now, we write up simple contracts that have several milestone payments (most GC's ask for only 2 or 3 but we push for 4 or 5) as well as a early completion bonus and daily penalty if the completion date is not met.

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). 

Judging from the posts above, it looks like several others would agree. 

The old land owner had to be tracked down in FL (thankfully she was still above ground) and an affidavit of severance sent to her.

I'm getting ready to buy my first property - I've made several offers already, so it's just a matter of time now!

@ Anthony Miller there are many commercial lenders as you have just listed several yourself here. 

Several flippers have told me to avoid it because it can take up to two years just to do a simple remodel. 

Arie, just Google "pre-foreclosure and tax delinquent list"  there are several vendors to pick from.