Conclusions may not resemble fact, law, or an outcome-advantaged basis for strategy, but regardless I wish you the bast in your endeavors.

Wishing you the best in your future lending endeavors.

At least your expenses will be lowered with the rents from the other units, you'll gain experience (which can be important to lenders on your 2nd+ deals), and you should be able to save up for your future endeavors.  

But if you really do make use of the extra time to further work towards your business endeavors (and take time to read and educate yourself independently) then it could be a very positive choice.

It would transform that kitchen and add the value you're looking for.

You want at least a 30% margin above costs and the NOI needs to be enough to pay the debt service after stabilization and then some.If the project looks feasible from a financial standpoint the next step is to check with the city or county planning and zoning department to get an idea if your concept will work, if you can build what you would like to build and what is required for all approvals including site plan, building permits, proffers, water/sewer tap fees, bonding requirements, inspections, setbacks, lot coverages, parking requirements, height restrictions, C/O process and time frame for all approvals.You also need to check with the utility companies and get an idea of availability and cost estimates from them for water, sewer, power, gas, cable, installation and connection requirements, tap fees, hookup charges, transformer location and relocation, power line and power pole relocation issues.

But doing that I guess defeats the entire purpose of this endeavor.

the seminar business for real estate and other endeavors spawned out of the Amway MLM.. the presentations are identical .. you are absolutely correct.. most people just don't realize it.. the back end support are the same companies.. 

I wish you the very best on your next endeavor and regardless of anything, you have some great lessons to take forward!

Seems like an interesting endeavor certainly keep us appraised.