I'm looking to finance the project long term in a way that is helps me create positive cashflow.

Has anyone done such a project before?

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.

Used those extensively and on big projects multi millions. then you had a redemption date usually 30 to 60 days.

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.