@Jason Stofer if you don't have a support structure to tap into... the unhappy answer is that there is no short cut. 

Consult an attorney and tax advisor to structure the arrangement legally and effectively.This post does not create a CPA-Client relationship.

Lastly is structures, and to be honest I think we'd probably have to move the needle $100k or so on that item because I have a feeling from what I've seen thus far is these structures are not of the most durable enduring type and I will have some considerable cap-x over 10yr window on them.

However, in such a case, a rescue fund would hold a superior position in the capital structure compared to the common equity investors, including yourselves and there acting as a parasite taking equity upside from all common equity investors.While this might provide a safer position for the pref equity slash rescue fund, it would also significantly impact the returns for common equity investors (previous guys).

Since flips are typically treated as dealer properties, profits are taxed as ordinary income.Please make sure your entire structure is properly analyzed for you to save most amount of taxes.

But unless their businesses are structured very carefully they're no operating in the clear. 

I’m curious if the process in NYC is similarly structured, where it’s difficult but feasible to follow through, or if there are unique barriers that make it much harder or even impractical.If anyone has insights or could answer a few questions, I’d really appreciate it!

I know what exactly it takes to obtain a post-construction permit to bring any un permitted structure into compliance.

That highly depends on your pay structure.

Also, I'm not sure if you are demoing an existing structure, if the structure is freestanding, etc, but this will obviously greatly affect your overall budget.For our project, most of the material prices are in line with expectations, but where we've been shocked with recent increases is the soft cost.