A lot of it would depend on exiting, isle placement, types of refrigeration, full or limited meat department, bakery, etc.Even the large grocers like Albertsons can't estimate a cost per square for a store buildout unless they've designed and constructed the buildings to their specs.Unless you're dealing with an experienced contractor who has built out multiple grocers, I doubt you'll be able to estimate a buildout cost.This type of capital improvement is just to large a component of leading costs so my advise would be to spend the money and have an architect layout the store, they don't need to draw up plans just yet, and then find a qualified contractor, or two, or three, to bid out the job.

The key to creative financing is to understand how a conventional deal works, then to modify the various component parts in unconventional ways to achieve the desired results.

The purpose of the agreement you're doing is as follows:To define the percentage each partner ownsTo define the compensation structureTo define the purpose of the partnershipTo define the capital contributions each partner will makeTo define who's in chargeTo define how the books and checking accounts are handledTo define the state laws that will be appliedTo define how net losses are handledTo define what the recourse is when you guys pull your pistols out and everybody starts shooting and wanting to go to courtUnderstand that contracts aren't worth the paper they're printed on.

Initial Investment is defined as the Sales Price, NOT the Sales Price + the Cost of Improvements done to the property " So from the above statement, this seems to mean that the New " Cash Out " loan can NOT equal more than the Initial Purchase price for the property + the Closing Costs ?

Higher than 2 and your buying optimism.Some have defined the REIT investor as someone between the lender and one of the partners. 

Investopedia defines the loan constant here.

I would suggest landscaping or at least defining the back yard layout so they can envision it.

The ordinances define “dwelling unit” as a unit with a separate kitchen and bathroom.

Because there are so many systems in homes, and each system could have countless materials and choices, it literally takes years of training, field experience, and research to learn how to identify issues in the most common components.

@Shawn Flynn to my understanding, and how I define A, B, and C properties is as follows: (keeping in mind this is just a general rule of thumb... like alot things that seem to be in real estate!