@Jignesh SavaliyaDoes sound like quite a bit to stomach with regards to risk as a first project. 

I think it could take less than a year but folks usually think they can do this in 2-4 weeks and are disappointed;-)I'd see what's been done similar to your project in the last two years and check with those contractors, & developers for hard numbers, then meet with the Building Department and Neighbors.

However, the sponsor should have provided you with their projections/estimates/forecast of the property's cash flows, and a sample return on your investment (by year).

Bottom-line, if you ran your numbers thru the calculator with accurate projections as a rental (not as a owner-occupant) and show negative cash flow, I would avoid ithe properties in questions and keep grinding. 

The other one is the equally fabulous Real Estate Investment Network run out of Vancouver but with a massive following across Canada and hundreds of members in the GTA. 

Hi Mike, Curious how your development project is going? 

He did provide a Scope off Work at the beginning of the project, but he never adjusted any of it for change orders such as substitution vinyl plank for carpet.

I'm going to go ahead and guess a project like that would be $500+ minimum if you're not DIY oriented. 

I am knee deep in rehabs at the moment on other projects.

It’s in Dallas Fort Worth area with around 6% cap.Some value add opportunity to raise the rent and potentially exit in 2 to 3 years.Current calculations project and IRR anywhere between 15 to 25%.Should I purchased now or wait until later next year, can expect potentially recession hitting or market correction; where I anticipate having a better deal to buy.