Investors also bring me projects to oversee after they've purchased a property. 

For those of you in a project or getting ready to start a project .

Mainly looking for advice on the best route of getting the loan for the project.

For example, make sure the loan officer understands the project and has evaluated your personal credentials, such as credit, income, debt-to-loan ratio's, etc. 

I see folks happy with 5-10% projected returns on flips, which is WAYYY too risky for me. 

While Hawaii didn't work out, i've since lost 90lbs, converted to Catholicism, found somewhat enjoyable full time employment that lets me put in a generous amount of overtime (Last week I worked 65 hours and on average 55+ hours a week, I haven't had a day off in months), started to tackle overwhelming student loan debt, volunteer, well...you get the idea. 

The best you can do is to evaluate it yourself based on the 3 factors and appraiser should use.1) Income approach - project rents and NOI and use a cap rate you feel appropriate to the market.2) Comparables - look for anything similar sold in that area or surrounding areas.3) Replacement - if you're essentially rebuilding it look at the cost of new construction.

As @Cody L. just mentioned, you could be contributing 44k into a project making you much MUCH more on the back end.However, the "Wholesale" is vital if you establish a pipeline of leads.

Are there reasons why I should not allow my tenant to proceed with this project?

See if anyone else is doing Air BNB and what they're charging, so you are dealing with reality when making your projections.