Does this builder even have any relevant references for a project of this size?

Numbers like occupancy rates, loan defaults, etc. all remain quite favorable when compared to those of SFHs during a recession.On top of that, if you work with a good syndicator, they'll only bring you deals that will perform (albeit not to projections) in a down market.

We are experienced and located in Southern California, so we could remotely manage the project and come up every few weeks.Referrals to experienced general contractors & subs in the area would be greatly appreciated!

I'm a Senior Project Manager for a local architectural firm and have been in the profession for the last 17 years. 

Hi Vincent - If you're eager to get started with multiple projects right off the bat, it would be wise to look into borrowing in order to minimize your capital contributions.

Keep us updated on how the rehab goes, would love to keep up on your project.

Is it uncommon to have your ARV be appraised in such a way that you can refinance out and get reimbursed 100% of funds put into the project?

Based on projections and current bookings, I'm on track to make anywhere from 35-50% more than rental cost each month.Yolanda

Another option was to level it and put up a duplex which will cost about 400k and I️ work with a GC which we would do all the work and his brother has the money to invest into the project to make it happen.

You need to budget the rehab project for worst case scenario and it still needs to work with that rehab cost or you risk going over budget.