They are forthright in their estimates, honest in their expectations, and care very much about their reputation.

The owner is a friend of the family and just doesn't want it anymore and doesn't care to make a profit. they are very well off anyway. 

But I don't really care because for commercial loans it does not really matter what your personal FICO is.

At the end of the day, my big question here is: why would I care that my LTV is 90-100%?

However, I do plan to work with the surveyor to put a TPM on the units and include it in the plan for zoning approval, therefore we have the flexibility to convert them to condos down the road.Possible exit strategies:- Option A: Entitle + sell the entitlement right to the next developer- Option B: Entitle + partner with local builder/developer to build the project.I understand every market is different, but love to hear folk's opinion on what are possible things I should pay more attention to.

Take care!

@Casey Shultz careful with this kind of general comparison of rents within a zipcode as the finish doesn't justify the rent.

Take care. 

Do your due diligence carefully before u select a partner.

As for HELOC to pay off your mortgage, the concept really caught my attention, so I did a lot of research and ran various scenarios using an amortization table using the HELOC method vs making extra payments.