I've spent the last month talking with 6 different lenders and every time we get down the road, there's small print that pops up (I need to pull out X amount at closing, no cap on the rate increases each year, I have to move all my money into their bank and hold X amount in there the whole time, etc.). 

Stanley Ezeadi nailed it: I hired the wrong people at least three times right at the very beginning, which accounts for about half of the expenditure.

thats total framing Nails and window install and minor changes in the field when clients want some thing changed like closet etc.. 

Lol My local Sherwin Williams store has nailed a few matches for me recently.

Your 7% cap is focusing on the highest possible return, when you find out that it’s actually a 5% cap on actuals you are let down.

@David Lowe Avery and Lucas nailed it.

@Kory Clark just my two cents, @Joe Splitrock nailed it.

Get it nailed down.

@Vijay Anandh The first post nailed it.

We've done enough renovation to have those numbers pretty solid, but the new construction (to the existing building) portion is harder to nail down (i.e: following up on Karen's comments and) as there are different strategies we're looking at.