I realize that the economy and other factors may make it difficult to make this happen for some people, but look at it this way: All things in life that are difficult are the things worth going after.

You will have to dig to see where the property is at in the process.When I worked for developers we would keep things tightly under wraps so people didn't have much time to mount opposition to the plan.The zoning attorney also tries to picks times where most of the public won't show up.Even if you can't get the level of stories or use changed you could argue the developers finishes need to be higher grade and style.That alone might push them to another location because of cost.Once the project is altered to a certain point where the developer can't build density or has to make too many improvements to the roads,traffic lights,high end finishes to the build etc. the project becomes dead.Apartments right now are hot.Many plans call for more town homes but it is not profitable for many developers to build that in this environment.

But big deal, many potential deals are lost for numerous reasons every day.

Plenty of night-life and shopping in that area as well.General make-up is white collar with most residents being in their 30s.

Yes you can say the property will be brand new and your costs will be less BUT over the life that you own the property you will need to do things to it.If you don't when you sell and suck out all the cash you will take the hit on the resale.

Based on the IRS five year number, I took the original cost of the installed carpet, looked at the remaining life I should have gotten (IIRC it was about 30 months out of the 60), and the percentage of the total in those two rooms.

That debt will stick with you for life even if they take back the property from you.

Did did a bunch of fix and flips, land contracts, rehabbed and kept a number of small (4-6plexes) multiunit residential, some single family rentals, couple commercial buildings, things went south in about 07, split with my partner to try and survive, worked day and night for another year to regroup and survive, the final collapse in 08, worst year of my life in every regard.

I've read countless books, taken several courses, listened to numerous CDs, been to club meetings and now I feel it's time to dive in.

For example, what's the remaining life of the plumbing, roofing, mechanical systems?