You need a good architect and engineer as well as a developer or builder who can assist you on the entitlement process, which will be extensive.

Requests for extensions soon followed, and I approved (in writing) the first request for a one-month extension.

Refi the last house and you have an extensive string of rentals, by USING not SPENDING your refi money (equity at work), and when you refi your last property...keep the money.  

I was wondering small local bank may be more flexible to be personalized toward small business needs but it seems BBVA has pretty extensive amount of flexibility toward small business.

It's a fairly comprehensive project for a first timer, but if i have to make it simpler , I could still walk away doubling my initial investment.I'll be reading the forums extensively but I might have a couple of questions I need to ask myself.

Follow your corporate guide book, landlord tenant laws, and smile.. 

The problem is the list is extensive (260 items!)

My first investment was a 30 unit and even with extensive back ground and research the first few years were extremely challenging.

Depending on how extensive of a rehab, it can be largely dependent on the regulatory environment (permits/inspections) and the level of competition and availability of contractors.Average DOM, once market ready, is a critical number that you can easily get from your comps.

Multiple extension and renegotiated the price so you could reap a bigger profit?