You may also charge a Higher cleaning fee, Guests will understand it costs more and pay extra for their added protection.And any concerned about guests who will checkout only Friday or Saturday disrupting the next guests weekend plans - I suggest to raise the rates for Thursday’s and Fridays.

You raise a great question.Your best option would be to check out recently sold comparable apartments in the area as well as active listings.

Financing for the project is in place through the developer, we are looking to raise $180,000 to get the project started.Does anyone have any input as to the best way to go about securing funding?

I have renovated half of the units and raised all the rents What was the outcome?

You can raise rent once every 12 months, but there are limitations, especially if the building is rent controlled.

However, you might want to make some real estate investor buddies and do some bird dogging or wholesaling to raise some capital while you guys work on getting steady income.  

Is it ever good practice to raise listing price because you're comp sold for a higher price? 

@Blake Lawrence, the tools will adjust your price up/down according to demand, special events and etc... but ultimately your base rate is what sets the tool.I used Wheelhouse & Beyond Pricing at the same time,  setting the same base rate( i have 2 houses on the same st that are the same size and rent for about the same ) , there was no notable difference on how their pricing adjustments worked, I did notice that Beyond Pricing was a little more aggressive raising and lower rates, but that can easily be replicated on wheelhouse if it is a strategy you want to follow.Beyond Pricing has the advantage of being the preferred Homeaway partner.Good luck

Cash is certainly king, if you buy land or say a duplex in the same area, more than likely any future appreciation will raise the value on both, but if there's a downswing the duplex should at least cover your expenses. 

Think millennials raising families.