If you have that kind of money keep looking at land development.  

Make sure you already have an exterminator to call though.Also, our lease states that tenant only has 30 days from MoveIn to report pests of any kind.

This includes converting it to a rental property or refinancing into a different kind of loan. 

If they agreed to that, then the clause appears to be fulfilled assuming the lessor approved the quality of work.The entire clause is kind of sorry in the way it's put together and reeks of amateurish property management by an owner.

Would be happy to meet up and discuss your goals in more detail.Glad you said it, I didn't want to come off as being negative@Jackson Harris  the Phoenix area may not be for you with that kind of money yet for all the reasons Scott mentioned. 

I'd work out some kind of deal and finish it off.

did you do an in depth dive or visit any of the cities?

Thanks for the kind words. 

I understand credit enhancements and additional guarantors are sometimes required but to be unable to cover escrow funds and to give away deal ownership for that service is kind of crazy but back to the main point, the real issue is when the Co-GP is not truthful about their true role or embellishes their portfolio/ unit count. 

They said that kind of project would basically convert the property to an apartment building and requires R6B zoning.