If that syndication doesn't work as well as you hope, then you're eating interest.

Would you offer higher, like $450k, and just eat the water and electric until the leases renew and you can adjust that out? 

So if we underperform the pro forma and we end up losing up to $100k on the deal, he would share in that $50k loss and I would eat $50k of the loss.Is that what you mean?

I have a good income producing job, however, I have a 6 member household with teens, preteens, and children who are eating up my house like Pacman, lol. 

Please be careful, at higher amounts leveraged, the carrying costs/time value of money can eat you alive if you have any hiccups in your project. 

So it's unreasonable to ask for a general price because any number that someone gives you site unseen is either: so low that the builder will eat the cost, lucky and spot on, so high the builder covers the worst case scenario but the investor would over pay if there are savings because certain things I mentioned above are applicable. 

While you could put it all in 1 property, you are literally putting all your eggs in 1 basket.

Creates a nest egg of 60 to 80k. 

Sounds like a case where you can have your cake and eat it too.

Not to mention if your house doesn't appreciate, you still pay 20% of the sales price which will eat up a chunk of the equity you've paid down.