Your construction costs are off by almost $50 a square foot unless you have some kind of deal already inked.

We used the basic "Four Square Method" video to determine costs vs income.

On a side note, I would love to connect with anyone, especially anyone involved in the Cleveland / Memphis markets.

I'd love to hear about your involvement in lending down here in Tampa. 

It is possible to do a lease that has language that you and the owner will attempt to complete a short sale (will need a realtor involved) at a specified price and that if it is not successful by a certain date then you can get out of your lease. 

Glad to hear you decided to get more involved and officially join the community... 

I do have the rental income of all the properties but the valuation he provided didnt provide me with any details with how he got the price per square foot that he used.Is there something i'm missing?

Replace those square glass light fixtures from the 70's with LED fixtures. 

Thanks Chris I hope so too :) Yeah I initially thought to only use the line but someone tried to convince me there is more risk involved that way.We are long time friends and have meshed well just not in business yet.

You should never even consider starting, based on the risks involved, until you have everything ready.