The initial plan is a 1200 sf build out with plans to expand back away from the cliff later as finances and interest rates are more favorable.

However, given the way interest rates have gone, I wonder if it is still viable to do the BRRRR in 2025 on homes purchased in 2020, or 2022, given that you are probably giving up favorable interest rates when you do your refinance for current rates.Is the BRRRR more feasible when your refinance occurs at a similar interest rate as the rate at which you purchased the property?

. :) As I've dug a little deeper, I found many favorable experiences with virtual  CPA firms.

Do yourself and your investors a favor--don't raise money from people and buy an apartment building right now. 

You will need the cash to build it and I doubt banks will be favorable with lending terms.

Your comment does bias me slightly in favor of Indy, since at least we're talking about a manageable car ride.That said, I'd love to know the biggest mistakes you've seen - how do neophytes typically "crash and burn?"

If you’re using a car for business, log your mileage or depreciate the car; whichever method is favorable to you.

I guarantee you are more likely to secure favorable terms if the seller likes you and can imagine you as a great operator for the business.

If you can secure favorable terms now, the future development opportunities could offset any initial cash flow challenges.Communicate Flexibility: Approach the landlord with an open mind and emphasize that you’re willing to work with them to find a mutually beneficial solution.This isn’t a fantastical idea at all—it’s a creative opportunity that could work with the right approach.

I hope things work out in your favor!