Key risks include vacancy timeline, tenant profile, buildout costs, market trends, interest rate, financing, and repositioning.

typically you will have some skin in the game, if you do the numbers, run comps and follow trends, the probability of failure is mitigated.Don’t be afraid to fail, be afraid not to try.

Hi Thomas, My daughter and I manage long term rentals in the Phoenix market and I can say that in the past couple of years we are seeing a trend of people doing exactly what you are considering.

Is the surrounding areas trending also with increased density?

Work directly with on-site Construction Project Manager to insure project construction is per plans and specifications from start to finishProvide supervision of sub-contractors on project siteAssist to ensure construction activities move according to pre-determined scheduleCommunicate effectively with SubcontractorsDaily inspections and presence on project siteIdentify any project design and construction issues and bring to management team.Oversee and report progress of project against project plan scheduleCoordination with Construction Project Manager, all necessary work flow schedules and monitoring of same to insure all deadlines are metInform Management Team of work progress and of all significant matters relating to the projectDevelop strategies to promote efficient and cost-effective work practicesAbility to step into and perform duties on an existing under construction multi-family project.Recommendations will be required.Thank you,Anat

Quote from @Deborah Wodell: I've noticed an increasing trend among investors looking for 100% financing or securing 90% financing and then seeking gap funding for down payments and closing costs.

The American system is designed for choice, FREE choice. 

The outside color of the house does not match my expectations for the inside design.

For non-primary residences, they have to follow all of the following rules to receive a permit: - the property must be a minimum of one (1) acre in size (designed as a precaution to disturbances)- The building standards of the underlying zone district must be met - Adequate parking is provided - Defensible Space requirements are met - Valid water and sanitation must be demonstrated - No more than five (5) bedrooms are in the dwelling As time goes on, they continue to become more strict on the rules listed above here, and are actively regulating it.

I'm a current NARPM member with both the RMP and MPM designations, as well as a member of IREM, where I'm currently working on my CPM.