I see far too many having effectively no co-invest once you net out the acquisition fee.David:We have the same definition of waterfall returns, so let me explain my reasoning.Ignore for a minute that many syndications have all kinds of fees, acquisition fees, construction management fees, refinance fees, disposition fees, etc, and assume that the syndicator is mostly focused on the returns they will make from the deal itself. 

Right now commercial rates are more like 6% with a point. the only loans from banks I see tied to prime are vertical construction loans or horizontal construction loans.I had the same issue with I had maxed out my rental loans with lenders like Country wide and Wells fargo that reported to fico..

@Yezenia HernandezI started with pre-construction short-term rentals in the Riviera Maya, since it's Mexico's and one of the world's main tourist destinations and so the profitability has been very high there.

Economic Timing.According to data compiled by Marcus & Millichap[2], the Portland area has experienced three very important trends since 2010:The average price per unit for apartments has nearly doubledThe rate of employment growth rose from 2010 to 2015 but has since declined steadily, projected to be up 1% for 2020 (estimated before COVID-19)Roughly 30,000 apartments have been built since 2010, with another 5,600 units slated for construction in 2020Most RHA members have enjoyed a solid decade of price growth, rent growth and steady occupancy.

I bet they were valid.

The company is fully vertically integrated; they own a design shop, they have construction crews, they have accountants, etc.

With 4 years in container conversions, we're transforming shipping containers into modern, efficient tiny homes and small homes.Currently working on a small, 10 home, senior housing development.Expertise: Container home design, sustainable building, alternative housing.Looking to: Connect with investors interested in container homes, share knowledge about factory construction, and learn from the BP community.Feel free to reach out if you're interested in container homes or factory building practices!"

That being said, this is mainly doable for folks taking on cosmetic rehabs with great time management/construction management skills.

The fact its in a landbank tells me that it was taken back for some reason, which tells me its likely not a high commercial demand for development, but I could be wrong.If it is "on the main drag" in this town then I'd think doing a new build home to do a targeted and intentional air bnb would be the best bet. 

Your best bet is to find one that has flexible membership options, without high spend requirements.