I very much appreciate the honesty around the current state of the market in the area and I will make sure to adjust our projections accordingly.We are excited to start our journey and looking forward to contributing to the BiggerPockets community.

This is our "8 x 8 project" - there, I've said it out loud to remain accountable! 

Time Commitment - Basically if one of you spend more time on the project than the other they should be compensated for that time.

In my experience, making on-time payments and making it clear that they are the first lender I am calling to fund a project have been necessary to building a strong relationship fast. 

Here's a project we sold to Taylor Morrison that will have this new type of housing.

Here's a breakdown of the situation:Current Occupancy: 80% (16/20 units occupied).Current Gross Rent Roll: $14,265/month.Market Rent Potential: $17,665/month (100% occupancy).Renovation Needs: 15 units require full renovation ($10K/unit), 4 units are 75% renovated ($2.5K/unit), totaling $160K in renovation costs.Vacancy Loss: $41,820/year in lost income due to current vacancies.Cap Rate AnalysisThe seller lists the cap rate as 9.59%, but this is based on the projected NOI of $119,858 (assuming full occupancy and market rents).

Currently I work as a Project Supervisor, we do rehab in multi-family units.

I just added solar to the project this year.

A buddy of mine who invests out in Phoenix once had a client facing a similar timing mismatch on a rehab project.. they ended up working closely with a local credit union who was more open to interim valuations.

I have spent the past 12 months as an independant contractor and wish to finance a project.