And, if the taxpayer is wrong and there would be no person who would ever lease a project under construction (which I doubt) at least the timing adjustment goes the safe way for the taxpayer.

Keep in mind that the cap rate could change from the time that you buy the property until you go to refinance it, so this could impact your proceeds. 

@Ryan Schaefer - sounds like you have a good project in place. 

Keep us posted on the closing and how the stabilization goes with the building. 

If you plan on being a very active investor, it's possible but you will need to keep the velocity of your money up high.

I'm in Coppell and Southlake , but travel all over North Texas if you want to meet up.All of the cities you mentioned are probably good targets and where the better action is.Flips are not easy right now, so I would keep open on the 1st one to any and all those cities.

Many spend significant time on waitlists, and the program has struggled to keep up with skyrocketing rents.Now voucher users and their housing providers are facing fresh challenges, in the form of proposed workforce cuts at HUD and important discussions on Capitol Hill that stand to slash the number of people who can receive Section 8 assistance....

I'm a civil engineer and what you're explaining is really step 1 for all projects. 

One possibility would be to manage the project yourself (i.e. use handymen and subs and cut out the GC).

Agree, it's doing nobody favors in my market; market rents here are barely enough to cover PITI in most cases when paying current valuations, not keeping pace with recent price increases.