I am not knowledgable in valuing notes, but I understand the value of the property that the lien attaches to is just one aspect of the valuation -- credit of borrower, payment history, etc. all factor in.What I think will sink this idea is that the city is not the one pressing this issue, it is a venture capital company.

I have had to juggle several business ventures at the same time as well, seems that you put out the biggest fire first but then other aspects will slide.

I currently own and operate a small pizza place called Westside Pizza and I also help with the franchising aspect of the company.

I've only stayed in one bed and breakfast that had shared bathrooms in the hallway, and could have easily been turned back into a regular house.Maybe the future buyers could apply for a renovation loan, to undo any commercial aspects of the home, such as a reception area and truly turn it back into a single family.

Education is very important in this business and should always be apart of your annual goals, but a lot of new investors on BP are stuck on that one aspect of investing. 

I'd be interested to know how large the house is and how much money you plan to invest into each aspect of the reno, totaling your $15k estimation.

I would say that if you were buying turn key it could make sense to choose a market with better demographic trends like Kansas City which I happen to like, but since you plan to use the BRRRR strategy, you're taking on more risk and it's crucial to stick to areas that you know very well.

Getting your estimating legs is pretty crucial if you want to do this more than once.  

Not necessarily the property maintenance aspect.

If you are going to be in real estate, it will not hurt to have every aspect of your life involved in it.